The most common and most likely answer to this crossword clue is the 8 letter word OILCLOTH
I've seen this crossword clue in The Daily Telegraph
O
I
L
C
L
O
T
H
More clues leading to the result OILCLOTH
Buddy explains!

The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does OILCLOTH mean?
OILCLOTH noun- A fabric or cloth treated on one side with a waterproof covering, especially one made from linseed oil etc.; used for flooring, tablecloths, kitchen shelves and sometimes furniture covering.