B737 captain reported 'acid oily smell' on rotation and returned to departure airport.

Narrative:

At rotation (the first officer and I) smelled a strong acrid oily smell; masks immediately on and gear selected up. Communications established. We agreed we needed to land as soon as possible. The first officer notified the tower that we needed to return. The tower cleared us to land and gave us vectors to visual xyl; the vectors were too tight and a stabilized approach was not possible. A go around was initiated and was vectored to runway wz visual backed up by an ILS; equipment was standing by; normal landed and cleared runway wz; stopped on taxiway. Fire rescue did quick inspection of aircraft exterior. Fire chief radioed all clear and followed us to gate.at the gate; with engines off and APU on; the aircraft would not depressurize. APU bleed was selected off and outflow valve was manually opened. Passengers deplaned uneventfully.smoke/odor was limited to flight deck and masks were worn until downwind wz; there was a problem seeing with the masks on as it was fogging up. I felt it was a safer option for me to see properly during landing. Notes:-smoke/ odor seemed to be less at lower power settings-flight attendants were given [proper] instructions on downwind for runway xyl-we were unable to contact dispatch or receive any landing data (first officer was able to contact ops on their frequency and told them the situation and got a gate assignment)-landing was under max landing weigh at approximately 130;000 pounds.-take off to landing was approximately 20 minutes.

Original NASA ASRS Text

Title: B737 Captain reported 'acid oily smell' on rotation and returned to departure airport.

Narrative: At rotation (the First Officer and I) smelled a strong acrid oily smell; masks immediately on and gear selected up. Communications established. We agreed we needed to land ASAP. The First Officer notified the tower that we needed to return. The tower cleared us to land and gave us vectors to visual XYL; the vectors were too tight and a stabilized approach was not possible. A go around was initiated and was vectored to runway WZ visual backed up by an ILS; equipment was standing by; normal landed and cleared runway WZ; stopped on taxiway. Fire rescue did quick inspection of aircraft exterior. Fire chief radioed all clear and followed us to gate.At the gate; with engines off and APU on; the aircraft would not depressurize. APU bleed was selected off and outflow valve was manually opened. Passengers deplaned uneventfully.Smoke/Odor was limited to flight deck and masks were worn until downwind WZ; there was a problem seeing with the masks on as it was fogging up. I felt it was a safer option for me to see properly during landing. Notes:-Smoke/ Odor seemed to be less at lower power settings-Flight Attendants were given [proper] instructions on downwind for runway XYL-We were unable to contact dispatch or receive any landing data (First Officer was able to contact ops on their frequency and told them the situation and got a gate assignment)-Landing was under max landing weigh at approximately 130;000 pounds.-Take off to landing was approximately 20 minutes.

Data retrieved from NASA's ASRS site and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.

Attributes
ACN	1567987
Time
Date	201808
Place
Locale Reference	ZZZ.Airport
State Reference	US
Environment
Flight Conditions	VMC
Aircraft 1
Make Model Name	B737 Undifferentiated or Other Model
Operating Under FAR Part	Part 121
Flight Phase	Takeoff
Flight Plan	IFR
Person 1
Function	Captain Pilot Flying
Qualification	Flight Crew Multiengine Flight Crew Air Transport Pilot (ATP) Flight Crew Instrument
Experience	Flight Crew Last 90 Days 200 Flight Crew Total 9651 Flight Crew Type 6609
Events
Anomaly	Aircraft Equipment Problem Less Severe Flight Deck / Cabin / Aircraft Event Smoke / Fire / Fumes / Odor Inflight Event / Encounter Unstabilized Approach