I too have always used WD40 and recently I came across another make GT85 with PTFE and this works well too.
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I would think kerosene would give off a nasty smell I don't know I have not tried it.
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A few years ago I had to make and cut some very fine 2 1/2D in relief medals on the cnc I made a dam wall of putty around them and flooded it with Johnson's Baby Oil they turned out fantastic finish.
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Phill