You want to use slow speeds going thru steel too.
Well, that kinda depends on the steel/metal you are drilling though.
There are a couple of references for drill chuck rpm and the numbers vary slightly, but are all close enough tat I'm not going to say which reference is better. In our shop/makerspace we keep it simple and teach folks that for mild or annealed steel, 240/(drill bit dia) is what to use, and IIRC the equation for hardened/stainless steel is 160/(drill bit dia). For aluminum, 800/dia.
Do some research on what exact materials and tools you are dealing with and use the proper parameters. and you're more likely to achieve success.
EDIT (putting on instructor hat now...) - Also, you have to make sure your feed is adequate, enough to actually cut and drill but not too much to break the bit (harder to do with smaller bits). One thing I say to novice metalworkers in our makerspace is: If the bit is touching the workpiece, but not making any chips, what are you doing? Answer: just generating heat, which will eventually ruin the temper of your bit. So, if the bit is just spinning, the first thing to try is pushing down harder on the chuck.
Also, the use of motor oil (or any non-specific cutting oil for that matter) is questionably better than nothing at all. The main point for adding fluid is to keep the bit cool, not to lubricate it, we want the bit to cut into the metal, not slide along the metal (there is some lubrication on the bit to help clear the chips and spirals, but this isn't the main job of the coolant). Burning motor oil is toxic to breathe, and so not the best choice when it smokes as the bit heats up, (most commercial coolants are water based). The only real problem with water is rusting of your tools if you don't clean up afterwards.
If you want to avoid the toxicity and mess but keep your bits cool, just get used to 'peck' drilling, letting the bit cool in the air after every few seconds of drilling. Or get the proper tools for the job and get some commercial coolant. My favorite is boelube, a waxy like block, developed specifically for drilling holes by boeing back when they actually cared about quality and improving their processes.
I encourage any full-time machinists to correct any errors made above and apologize for any misdirection,