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I seem to recall that Jerry Fisk uses WD-40 on a fine india stone, which is a good recommendation in itself. Medium india which I often use is more porous and so something thicker seems to work better and stay on the surface longer. But really, most any oil will get the job done ... the important thing IMO is just to use something so that you don't wind up loading the stone up with metal.I'm with Bill, WD-40, is an expensive but very convenient way to oil a stone. It's usually that or my can of Outers gun oil. What you got is what usually gets used.
Do most makers use stones to sharpen their blades? NO. Belt grinder and a buffer. Why use oil or water when you can use Dry or diamond stones?