Yes? No? Maybe so?
What weight oil?
There is only one lubricant you will ever need (IMHO) and it is Ballistol.
I am actually surprised no one has mentioned this yet... I use Mobil 1 synthetic oil. I've been using it on my firearms for years, and it works better than most gun oils. I also use it on my knives (never for a leatherman, though). If it's good enough for my cars, I don't see why it won't work on anything else... Never had a problem with it. Plus, 1 quart goes a LONG ways.