How do I get rid of a rancid oil smell in a wooden dresser drawer?

Wipe it out with straight vinegar. Pour baking soda in drawer. Fill it with crumpled up newspaper. Leave it for a day or two, throw it away and dump out the baking soda. Do this several times until the smell is gone. Newspaper and baking soda are both great for absorbing odors

You could try shellac. They use that to stop bleed through paint, wood, etc.

Try Febreeze for Fabric or Mothballs etc.........

I would first pour some kitty litter in it, and let it sit a week. Remove and then scrub with some borax and water, and follow up with some Frebreeze.

Dryer sheets

after cleaning with baking soda & newspaper, put a dryer sheet in the drawer & leave it. This also helps deodorize the drawer

Try shellac to provide a barrier and trap the smell. You might need to get rid of it though. Once a stink, always a stink.

Have heard newspaper left in drawers will eventually absorb smells.