Common? No.
It's odd if JUST the oil light doesn't work. The oil and neutral lights get power from the same wire, and turn on when their respective switches provide a ground path.
So, if the neutral light works OK, maybe a loose connection on the light socket, failing/failed bulb, or a connection problem between the switch and light.
If you disconnect the pressure switch wire and ground the wire, the oil light should come on. If so, and it's still off when connected back to the switch, the switch has failed. If it does not come on when directly grounding the switch wire, check the bulb and all connectors on the ground and power wires.
The lamp power isn't separately switched by the keyswitch, that should just tap off the black wire... so a bad keyswitch would also have you with no ignition or lighting power.
