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@lemonaid
WD40 leaves an oily residue after the solvent evaporates. It contains 21% mineral oil dissolved in naphtha, so will provide some lubrication, although it needs to be regularly reapplied, and dirt sticks to it of course. EDIT: see COSHH sheet here for main ingredients http://www.screwfix.com/p/wd-40-with-spray-applicator-5ltr/32927?cm_sp=Search-_-SearchRec-_-Area2&_requestid=104645
It is actually pretty poor at releasing rusted parts compared to a proper penetrating oil though.