Maybe I am getting burned out on these forums, but I have answered this question, along with countless other posters, many times. OK, one more time:
There are lubricants and protectants. Some products do both.
If you want to protect a knife in storage, wax (butcher's or Renaissance), Rust Inhibiting Grease (which is what Chris Reeve puts in with his Damascus blades for protection), even (cringe) WD-40 will work.
You should pay attention to humidity, and store your knives in a dry place. If this means inside an air tight container (say a surplus ammo box) with silica gel air dryers, then do so. Your knife WILL be protected (covered with crud if you used WD-40, but it will be protected).
Another trick for ferrous and non ferrous metal storage is VCI (Vapor Corrosion Inhibitor) this is commonly used for firearms storage, and is available in a variety of forms, including heavy plastic bags with the VCI impregnated on the inner surface (Bianchi Blue Bags), VCI on plastic chips (Brownells) and the VCI crystals themselves (Brownells). A harmless vapor permeates a storage area with a protective effect.
Oil is an OK lubricant, but will not protect well. This was established by the late Col. Askins, who wrote a paper, 'Rusting under Oil Films,' in the 1920's. Oil with PTFE (Teflon [r] and others) is an OK lubricant and protectant, but there are better. Remember that you are trying to get the world's most slippery substance (PTFE) to stick to a piece of steel. Remember further that those motor oil/PTFE products of a few years ago said that the PTFE would 'bond with the metal engine parts.' Well, it didn't work, did it?
Molybdenum disulfide (MoS2) is a great lubricant, and to some extent, binds to the metal surface. The problem is that it is black, and smears on everything. I use this on the rails of my 1911's and on the bearing surfaces of knives which are diassembled.
There is an entire class of lubricants and protectants, recently developed, which outperform oils and waxes and silicones.
These are the Thin Film Corrosion protectants, including those by our good friends at Sentry (Tuf-Cloth, Tuf-Glide, Smooth Kote, Hi Slip Grease, and BP-2000 powder). Go to their website and learn:
http://www.sentrysolutions.com/index.html
Better yet, go to Discount Knives and buy an armorer's kit, which has Tuf-Cloth, Tuf-Glide, Smooth Kote, Hi-Slip Grease and BP-2000, plus gloves and applicators, all for about $30. This will lubricate and protect all the knives in even a serious collector's collection.
The other firm manufacturing thin film corrosion protectants is the Corrosion-X company. They call their version Thin Fluid Film Coating. Go to their website:
http://www.corrosionx.com/
Corrosion X can be found in sporting good stores.
For real world protection of working knives, the thin film agents have no equal. Tuf-Cloth is the most convenient of the protectants. Tuf-Glide, the active ingredient in Tuf-Cloth, is a very penetrating, low surface tension compound. It is SUPPOSED to be; that is how it works. If you think Rem Oil migrates, you haven't taken apart a knife that you have used Tuf-Glide on.
If you want a lubricant that stays put, Hi-Slip Grease, MOS2, or Li grease will all work well.
There are those who advocate mineral oil as the only lubricant/protectant to be used on knives, as anything else has not been declared safe by the FDA. This makes about as much sense to me as a person who goes around (let me see how I can phrase this without being banished again), er, ah, constantly protected by a latex barrier, just in case a need should arise for protection, however infrequently.
For gosh sakes, you can use soap and water and/or rubbing alcohol to remove ANY of these coatings from your knife blade before food preparation. To deny your knife the protection of superior agents because such agents may be on a knife which you infrequently use for food preparation is preposterous.
I hope this helps. Walt