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Spool bearings must be oiled... other bearings can be greased. Wherever you have a bearing that affects casting, then lube it with oil.Oils to use are a hugely personal thing. ReelX (available from Whaler and Smoothdrag.com) is one of the best to use.Rocketfuel is also excellent, but the Tournament Rocket fuel doesn't last too long because it's very thin and burns off quickly. So with Rocket fuel, you need to lube much more often often.Some guys use sewing machine oil, and there are many other good reel oils out there... Penn lube is excellent, Shimano, Daiwa also make their own lube.Personally, I have my own 'magic sauce' - I mix fully synthetic Motor oil - Mobil 1 with Rocket fuel, makes it more or less the consistency that lasts and provides excellent protection.I would only use Olive oil if I was desperate!Greases to use - I fancy the Kingfisher red grease - it's reasonably cheap and low viscosity, provides good protection.For Drag washers, Cal's grease (also from Whaler) is probably the best, but any good Teflon grease from a Hobby shop is fine. It's what they use in the bearings of the Radio cOntrolled cars... so it works!
@ reefs. Do all reel manufacturers generally use the same bearings? I've never come across (in industry, not in reels) bearings with removable seals. I agree totally with your approach here and have done it quite often to industrial bearings though it does destroy the seals because they are pressed in. And while on the subject of lube, where to use oil and where to use grease? High RPM and low RPM?