Hi there,
I'm hoping someone can give me an answer as to what they think this pipe is for (pictured below):

It is approximately 4' tall rising out of the concrete slab of the basement foundation, in the utility room. It has been capped, but I have no idea if it is for a previous water system/sewer, or oil tank???

The house was built in 1949 and is located in a city with lots of underground oil tanks from that era... This is my concern.
I have had some comments that it looks like the vent of an oil tank, others that it is definitely not an oil tank, but more likely an old plumbing vent, so any more opinions would be greatly appreciated. I haven't seen anything like this before and if possible, I'd like to remove it to improve the function of the utility room.
Thanks for your time,
Cheers!
Chuck