It does contain some very light oil. Not the best lube though, then again mousemilk isn't either and I have both for those times when... WD40, like LPS-5, 3in1, LMO (light machine oil) and various lubricants on my shelf are like the assortment of hammers I have. Some are brass dead blows, plastic, wood, claw and ballpeen all for specific uses. When used for the right purpose the right to is a great help. WD40 is like screwdrivers as they get used for hammers, prybars and whatnot all to the great consternation of the machinest sorts that know and appreciate tools. Allison