For my small toy steam engines I have sometimes used the old Green Velvet on the parts that move together while immersed in steam. One small 4oz bottle last me decades.
But mostly I use ZOOM Spout , or 3-In-One electric motor oils , or sewing machine oils for the external moving parts. Keeping any moving part as clean as-can-be sure seems to make a difference with either oil. So I have used compressed air on a needle blow tip to remove micro crud , then I oiled up the parts.
For years I heard rumors of some steam oil being similar to 600 Model T oil with about 5% beef tallow?
I have an old vial of delicate machine oil for instruments from ca. 1907 and I think it smells a bit like whale oil.
I recall many years ago air compressor and early air tool repair shops used to strongly push for synthetic air tool/compressor oils because of the sealing materials, they feared some older oils may be deteriorating the o rings etc etc.