Well, that's a distinctly more challenging problem and will require some ladder logic to work. You'll need to understand the maximum and minimum levels that are possible with the water and oil. Then, I would place two bar graphs immediately one above the other with the water & oil colors on the bottom graph and the oil and empty space colors on the top graph. This will not work if both water and oil can independently range from 0% to 100% of the tank volume.
If the above won't work and you can illustrate with, say, 20% steps, then you can generate 25 bitmaps with all the possible combinations and select them with "List of Images by Pointer".
Maybe there's a better way, but that's what I have to offer off the top of my head.