sparker, it sounds as if the piece of felt under the oil hole has rotted into a solid mass that won't absorb oil. It may soak in very slowly, over a period of days at least, or you might try a couple of drops of Penetrene instead of ordinary lubricating oil. Otherwise, you might need to replace the piece of felt. Remember though, you mustn't get liquid oil anywhere near the compartments that hold the balls: we are talking about a trace of oil on the shaft, not drops. The felt is supposed to smear a tiny amount, not let oil drip through.
