I believe most modern machines require only minimal oiling in the bobbin/race area. Motors are encased now and do not require oiling.
It's a drop-in bobbin, right? I found this tutorial that may be helpful:
http://www.ehow.com/how_12066973_oil...g-machine.html
Here's a Youtube video on oiling the other type of bobbin. Youtube may have videos of the drop-in too; I haven't checked.
http://www.youtube.com/watch?v=zA37zSvYqG4