Yes, it is in fact a light oil(as are kerosene, diesel fuel, and a ton of other things you might not consider oil) - wd-40 is composed of %50 Aliphatic Petroleum Distilates, %25 Petroleum Base oil, and %18 Lvp hydrocarbon fluid, and the rest is carbon dioxide propellant along with other non-toxic ingredients. These contents and amounts are correct - they were taken directly from the msds for wd-40 in a spray can(the most common type). Wd-40 is a penetrating lubricant, it is also a water displacer(what it was initially developed for, hence its name - water displacer 40). I do use wd-40 as well, for lubricating parts, preventing corrosion on bare engine blocks, crankshafts, cams, etc...I just don't recommend using it on electrical parts - but feel free to do what you want. Just my .02
