" It makes clear that the oil was put there as part of a process. Sometimes when oily and greasy are used to describe someone, it gives the impression that you mean it's their nature. "Oiled" also indicates a process, but "oiled-up" indicates the job was done well, or thoroughly.
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Grammar Geekyou can use it as hyperbole, but that's a danger - once you exaggerate for effect, it can reduce the perception that you speak accuratelyGreat point, GG!