Any oil is waaay better than no oil. Some oils are a little better than others (Break Free).
Tuf cloth works pretty well and is a dry film protectant (nice, compared to oils).
Any wax works very well (even the cheap car waxes are excellent, like Turtle wax. And the expensive stuff like Renaissance is just super clear/white, non yellowing, but it and just works about the same). Wax it on, buff it off.
After use, in my opinion, the best thing you can do before storing is to give the knife a good soap/water bath to get the general cr@p off (animal or plant organics, salt, other corrosives/acids/alkalies, etc).
Then hit the blade with a solvent... anything from the mediocre (like paint thinner which is mineral spirits, or WD-40) to the very good (Acetone, MEK, Lacquer Thinner, brake cleaner from autoparts store). Just be smart....solvents can soften and dissolve some rubbery handle materials (only cheap stuff), and if the maker puts a sort of paint over the blade (Allen Blade's Talonite MEUK had paint on it!), that'll come off. All the hard nitrided and teflon black finishes are fine under solvent.
The solvents will take most things (oils, water, debris) out of the pores or scratches (brushed finish) of the steel.
Then, you can apply oil, wax, or Tuf Cloth to a very clean blade.
If you wax or oil over junk that is in the pores of the steel, well, it can still corrode to some degree, although keeping oxygen out helps a lot.