Olive Oil may have higher levels of acid. You are dealing with oil extracted from plant material. Often there will be acids. Have to be just a little careful because olive oil differs from batch to batch, year to year, and the first pressing will have the most acid.
CANOLA OIL = Canadian Oil Low Acid
It is made from rapeseed, pressed into cakes and then steamed. It is used as a steam cylinder anti-seize oil. It is used as an extreme pressure lubricant. What you find in the grocery store works just fine on guns.
Save your olive oil for your salad.
As old as olive oil is, and as long as it has been used on the planet, there is no doubt that it probably has been used on knives, swords, guns, and mechanical apparatus, and it probably works. I can see why you experimented with it.