In place of the vegetable oil, you might consider using pure mineral oil (which doesn't turn rancid) which can be picked up in any pharmacy. I use it for protecting carbon steel kitchen knives, sharpening steels, cutting boards, as well as on natural handle materials as a preservative. I have used it lightly on leather as well and haven't had any problem as yet. It can also be used to lubricate and protect bench stones such as the Arkansas or India stones.
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