An oil finish penetrates into the wood flooring and is absorbed by the timber; this gives it a natural gloss-free looking finish. We usually use oil-finished when we are trying to refinish only parts of the wooden floor.
On the other hand, a lacquered finished floor is done using lacquer, which seals the surface of the wood and gives it that glossy look. Lacquered wooden floors cone in silk, satin, or matt finish.