Multi-grade automotive engine oils (whether synthetic or not) all contain what are commonly referred to as detergents. One of their functions is to scavenge moisture from the atmosphere, which reduces rust buildup on the inside of the engine. The accumulated moisture is boiled off while the engine is running and dumped out the tailpipe. Serves much the same function as air dryer bags used in certain explosive weapons types. For several years, I've been using Mobile Heavy Medium Circulating Oil (which is ISO 68 or SAE 20). I live in Houston (90 deg./90% RH being common) and have had no significant rust accumulation problem.
The felt oilers typically mounted on carriages and some shafts should have rubber (neoprene) wipers mounted outboard. The way oilers keep a layer of oil on the ways underneath the carriage and the wipers keep the ways outside of the carriage from having a thick layer of oil that attracts and holds the chip/swarf/grit.
Robert D.