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Best to clean it then see if the oil rings reappear? But yeah most likely a piston seal problem right?
Yes and yes.
Rather than leave the pads in to test the theory, take them out, and clean everything thoroughly. Put a spacer block wrapped in tissue paper in there, and use a toe-strap or similar to apply the lever. Leave for 24 hours, take the spacer out and inspect the paper for any evidence of leaking fluid.
This - and very slightly noticeable worsening brake performance probably suggests a leak? Can’t quite tell if it’s getting worse - I only ride the bike that these pads are from once a week, and new pads, rotor, bleed was only done by the bike shop 3 weeks ago. Best to clean it then see if the oil rings reappear? But yeah most likely a piston seal problem right?