To the best of my recollection there was never a standard color coding scheme in the US for these types of containers. All that currently exists is the placard system regarding hazardous materials. Even today, you cannot rely on the colors of compressed gas
cylinders to readily identify their contents.
Here are a few links supporting my memory -
Meyers Steel Drum
I worked in service stations for Texaco, Mobil and Standard Oil in the early 60's and the various bulk solvents, oils and lubes that came in drums were usually painted in the company's colors and logos. It was always the drum's lid that identified the actual contents. Occasionally the drum had its contents labeled but we would still refer to the lid for actual contents.
I remember when growing up, my father worked for the Navy and would bring home empty drums to use as a backyard incinerator to burn trash. These were always either olive drab or black. I had the fun job of punching a row of holes around the bottom to support a draft. I got to use a WW2 surplus mattox pick-ax, what fun!