I have a light vertical and as Old Mart says, the head is the same. The upper of the two ball oilers is for the pulley bearing. Its oil passage goes ‘uphill’ so a good squirt is needed to get it through as gravity doesn’t help.
There is also an oiling point in a vee groove of the driven pulley which is easily overlooked. At least there is on mine, and that lubricates the key that drives the spindle. There are two hex grub screws at 90 degrees that secure the pulley. Opposite one of those is a third grub screw with a slotted head that can be removed to squirt in a drop of oil.
The lower ball oiler at the front communicates with the bore of the quill and some oil will also get through to the taper roller bearings inside the quill if you’re reasonably generous. All the oil pumped in will eventually gravitate to the bottom. When I restored my ex-college machine, I found no evidence of grease on the roller bearings.