Best Blade Oils

With the requirement being food safe; mineral oil is the only one that I am sure fits the bill.

Coconut oil turns rancid. Vaseline and chapstick may be food safe but, if you're going to use it on a folder, wouldn't the lower viscosity have a tendency to make it sluggish by a miniscule amount?
 
Jojoba oil or camellia oil. I have used these extensively over the years on woodworking hand tools. These have worked great. I have started using them on knives instead of 3in1 oil.
 
Yes, it can go rancid. But the chances of that happening before you use the knife or clean it again are very slim.
There are many "myths" about this stuff that get perpetuated over and over. I did a little looking and found a pretty professional looking scientific account of some of the chemical and biological properties of coconut oil.

I think this link is fine to post here..
http://www.coconutresearchcenter.org/article10971.htm
 
I use Bostik GlideCote Top-Coat Table & Tool Surface Sealant on my knives and woodworking tools. Reduces sliding friction and protects against rust. No petroleum oils or silicone. I've never had a rust problem using this product. I wouldn't consider it food safe. Any vegetable oil or mineral oil for food contact.
 
Life Brand mineral oil USP is all I use on my knives and multi-tools. Prior to that, I was using Nano-oil 10w, and/or 3-in-One Multi-Purpose oil, but those two aren't food safe choices. I've had no rust issues with any of my knives and tools using any of those choices.
 
I really wouldn't worry about it. Unless you're a hardcore organic farmer, whatever you cut probably has more toxic chemicals in it or on it than your knife could ever contribute. Oil up and eat away!
 
Camellia oil as well - nice rust inhibitor, food safe, doesn't go rancid, and doesn't bind up over time (can be used on slip-joints if you like).
 
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