The clear liquid that comes out of a pimple is a byproduct of inflammation, and it is called serous fluid. This fluid is essentially white blood cells that died fighting off the infection. While it may look like oil, it is not oil, and it is not pus or an infection. The fluid is a mix of sebum, dead skin cells, and P acnes, but thats not necessarily what youre squeezing out, especially if your pimple is a cyst, nodule, or hasnt reached a head. If you see a fluid-blood mixture ooze out of your pimple, it is called serosanguinous fluid, and it is a mixture of serous fluid and blood. It is not advisable to pop pimples as it can lead to scarring, infection, and hyperpigmentation. It is best to leave the area alone and let the pimple heal properly to avoid scarring.