I am probably the ancient member of this "tribe". Oiling is basically for the purpose cleaning and deterring rust and especially for items that are not used frequently.
For instance: At the end of the lawn keeping and gardening season I always clean all my tools, spray them with WD40 and with the hand tools stick them down into a bucket of sand which I do with several up and down movements. The sand is for keeping them sharp.
I surely enjoy this message board and I see others do too.