Your machine also needs more oil than just a drop hopefully on the hook/race, not in the bobbin case.
The manual should show a multitude of places that require oil.
As a general rule of thumb: remove the faceplate, remove the cover on the bottom of the machine and loosen the screw on the plate where the spool pin is, turn it 180 degrees, then re-tighten that screw.
Now - Any gears get grease - as do the 2 grease tubes on the motor - and any other place where metal rubs on metal when the handwheel turns should get a drop of oil.
These machines were usually intended to be oiled "daily" assuming that they were seeing a day's worth of use. In general, I suggest about every 8 hours of use or when it's been sitting for more than a couple of weeks.