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This little home workshop experiment shows that surface treating of hardwood uptook nearly zero extra weight from oil. Full immersion after many days uptook 6 grams of oil, and appeared to disperse the oil uniformly into the wood. Wood cells are by design optimized to transport moisture along the grain, in the longitudinal direction of the cells. Thats how ambient humidity enters and exits the wood, at the end grain, and affects the wood rapidly: overnight changes to relief on an instrument neck.
So please explain to me how a bit of oil on ONE SIDE ONLY of a slab of wood will prevent moisture loss through the end grain.
The only benefit is you seal the very top few cells from intrusion of dirt and keep salty sweat from getting into the wood. Your Natural body oils and waxy substances do the same thing.
Sebaceous gland - Wikipedia
Conclusion, imo: a little oil will likely block dirt. It will not moisturize the wood to any extent by merely occasional wipe downs. Total Immersion for a long period of time is the only way to get enough oil in the wood to make a difference. But i am not convinced that actually does much other than swell the cells making them softer and less resistant to wear such as round wound strings scraping against it.
A little oil on a new neck to initially keep the skin salts out and then daily wipe down with a dry cloth to wipe away the dirt and distribute natural skin sebum will be sufficient.
A hard paste wax like furniture or car wax (non silicone) would seal against dirt better and not soften the wood.
We want our boards to be hard and wear resitant, not soften a few top cells so they wear away quickly, repeat, and so on.