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I find that what was etched on the old IXL pocket knives,"Oil The Joints." works for me. A drop of 3 and 1 and work the blade back and forth and I'm usually good to go. I sometimes stick the knife...

Years ago axle grease would be applied to cuts or burns. Same principal maybe ? :shrug:

I don't generally get the pivot area wet. After I rinse the blade in hot tap water I wipe it with a tissue. Then I take a look inside the scales and if necessary stick the corner of the tissue inside...