An early goal by top scorer Diogo Jota put the Championship leaders on course for their 23rd victory of an impressive season, and Alfred N'Diaye doubled their lead on 25 minutes.
But just two minutes later Norwich clawed their way back into contention through Christoph Zimmermann.
Wolves still looked on course for the three points until Oliveira struck an equaliser deep into stoppage time, as Norwich became only the sixth team to take points off the leaders at Molineux this season.
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Wolves are still a healthy nine points clear of second-placed Cardiff City, who won 1-0 at Ipswich Town, and have a 13-point cushion over those in the playoff spots.
Bristol City and Fulham, who are both in playoff positions, drew 1-1 at Ashton Gate but failed to make ground on fourth-placed Derby County, who drew 2-2 at home to Leeds United.
Aleksandar Mitrovic, on loan from Premier League side Newcastle United, put in-form Fulham in front in Bristol, but Bobby Reid equalised for the home side before halftime -- his 16th league goal of the season.
Derby had to rely on equalisers in injury-time at the end of each half for their point against Leeds -- Andreas Weimann and Kasey Palmer cancelling out goals from Pierre-Michel Lasogga and Ezgjan Alioski.
Derby are a point behind Aston Villa, who are four points adrift of Cardiff, in the second automatic promotion spot.
(Reporting by Neville Dalton; Editing by Toby Davis)
