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on both new replicas and on antique swords and weaponry I use an emulsion of olive oil and bee's wax. heated and whipped together. it's a mess to make though. get an old food processor from good will and don't use it for anything else or your wife will kill you. I use this stuff on tools, leather, and it makes a damn good skin lotion/lip balm as well. I've had questions about the olive oil going rancid, but I've not run into this problem, nor apparently did the Greeks and Romans from whom I borrowed the idea. Oh, yeah... and unlike machine oils, a light rubdown with this stuff will last and last... My fencing equipment gets exposed to sweat, the elements, etc. and I've never had a problem with it rusting.