I know this will be looked at askance by some, but I have used automatic transmission fluid on all my steam locomotives' valve gear, rods, and axles. Since about 2005. However, ensure the one you use, if you have some dregs lying about in an open plastic bottle, is safe for plastics and for paints. In N. America, the variety known universally as Dexron III Mercon is such a safe transmission fluid. Dexron III is formulated to spare plastic seals inside transmissions.
Why transmission fluid? Because it flows easily, is highly viscous, has great surface tension, is anti-oxidant and anti-corrosive, and is generally a great lubricant available in most garages....household garages. By the time you add a quart/liter, you still have a tsp or more left in the bottle. Dip your needle applicator into a bit of the red stuff in the bottle cap and touch the tip to your axles' bushings and to rod pins.
Thirteen years later, the paint on all my tenders and locomotives is unmarred, none of my plastics (loco shells and railroad ties) have been harmed, my steamers' valve gear and rods churn silently and freely, and I still have about 70% of those dregs I mentioned.
Before I tore down my second layout, I decided to try an experiment. I wiped a good portion of my single track main with ATF. Then I let my a train run around the main for about 15 minutes. The grades were near 3.5%. There was no slippage, oddly, but there was also no disruption of electrical contact between the rails and the metal pickup tires under the tender and locomotive. None.