To the first approximation, yes. But there are different standards for oil and they trade at different prices (e.g. Brent is more expensive than Urals).
Like commodity I suppose it also gets used to describe things that may not be 100% fungible but may be pretty close depending on the details and the circumstances.
If you are looking for more opportunities, recall that the difference between entities and value objects in domain-driven design is that value objects are fungible.
Oil is usually considered fungible.
Fungible is a word that sounds weird and I don’t get to say often enough.