I've always been happy enough to carry out the instructions in the MMC car handbook to use a light machine oil and I choose 3 in 1 as it has a plastic not scratching spout and is a handy sized container.
No reason to doubt the factories wisdom on it's usage really.
This might cause some controversy. I used to use 3 in 1 oil on my beading, but got told to never ever ever use it as it rots rubber, a should be using a natural oil. I've switched to using Danish oil as I have a good amount of that. My handbook recommends a light oil as opposed to a light machine oil.