Flash and Fire point:

Flash-point is “the lowest temperature at which the oil lubricant gives off enough vapours that ignite for a moment, when a tiny flame is brought near it”; while

Fire-point is “the lowest temperature at which the vapours of the oil burn continuously for at least five seconds, when a tiny flame is brought near it.”

The flash and fire points do not have any bearing with the lubricating property of the oil, but these are important when oil is exposed to high temperature service