Pellet oil ?

What exact oil? I use ballistol as a sizing lube, but have yet to see any real advantage of lubing pellets for the sake of increased accuracy or reduced barrel cleaning, or any other benefit. 

This is just my opinion:
If you have a decent bore and properly lap/prep that bore and find the best ammo for that particular bore, there is no need for any snake oil or voodoo magic. There is alot to be said for proper sized pellets for a particular bore.

I use pr0lix to clean my guns and pellets. It has some lub in it that I have found help keeps things in great working order.

Mike

How to lubricate pellets
http://www.pyramydair.com/blog/2008/02/how-to-lubricate-pellets/

When I open a new tin, I wash them with a little soap. I put pellets in strainer shake them around and rinse them well. Put them back in a clean tin and and couple drops of lube. I never had any issues with four different rifles.

Go ahead and try but use it very sparingly. I find my accuracy is better without. Many others swear by it though.

Billy, my groups were wanky at first too, the oil has to stablize in your rifle. I used HOT water and dish soap, siffted several times over in a rubbermaid caulnder (labled LEAD ONLY that I keep in my shed). Rinse rinse, rinse again. Rinse. I dried all the pellets over a few old towels then put them in an old peanut butter jar and spritz them with the lube. Only a few pumps and a fine mist. Spin the jar all about so all pellets are equally coated in funny smelling lube. Put the pellets back in their home and tuck them in for the night. I read to them too, they like that. Any hunting fables are fine. I did clean the rifle out after a few shots of the newly coated ammo, say 30 and tried groups again. Big differece, for me anyway.

Of course your mileage may vary and all this may not apply to your barrel in which case this message will self destruct.

"If you have a decent bore and properly lap/prep that bore and find the best ammo for that particular bore, there is no need for any snake oil or voodoo magic. There is alot to be said for proper sized pellets for a particular bore." May just be AJ's opinion but is fairly well established as fact. Naturally very few airgun come with such care given to the barrel.

John

My Bobcat .25 MK1 loved pellets lightly lubed with Ballistol. My Bobcat .25 MK2 hates them. I get fliers very frequently when using lubed pellets.

Pellet Lube, which is what I believe you were referring to in your OP is hit or miss. I have tried various pellet lubes and lubricants including Napier Pellet Lube, Precision Airguns and Supply Pellet Lube, Ballistol, and WD-40. The one that worked best for me was the lube sold by Precision Air and Supply but only for my Daystate Mk4 Target. The rest of the rifles I have owned showed no improvements using lubed pellets.

If you decide to use a lube, only apply it just before you are about to shoot to avoid having the pellets get tacky. Also, only apply it to a batch of pellets at a time not to the whole tin. Lastly, use all lubes sparingly.

Avoid applying lube straight into a batch of pellets, because you will fill up the skirts of at least some of them. This could cause imbalances which cause flyers. 
Instead spray it onto a cloth or lightly into an empty container (no puddles) and roll the pellets around on/in it, so it only gets on the outside.