I think the original post was directed toward oiling our machines. with an aside on dipping thread in oil. Now I'm no expert on thread, but I would't dip mine in petroleum based oil. You can if you like, but not me.
Now to the real topic. Sewing machine oil is a petroleum based product. A special and highly refined oil. It's not whale oil, which by the way the navy used as recently as the '70's-maybe still do, to float nautical compasses, and its not mineral oil -I don't know what mineral oil is-"mineral" I suspect mean petroleum based. At any rate mineral oil is not intended for machine lubrication, and sewing machine oil is not vegetable oil. Sewing machine oil is clear and colorless. You should buy good quality sewing machine spefically intended for sewing machines, oil like I'm sure APQS sells. Don't use anything else. If the oil you have is colored, it probably has something added (maybe some sewing machines like Berinia's require an additive, I don't know), or it has deterioated through oxidation. Get rid of the colored stuff and get some new clear stuff. If you use something other than sewing machine oil on your machine you will probably be sorry. Jim