I have no idea about the oil you asked about, but you should be able to degloss the finish by rubbing it out some with 0000 steel wool. Basically hand rub it down until you get the gloss or sheen that you want it to have.
I use Arrow's wood finish alot and you can control it's gloss by choosing what grit of sandpaper you use to help rub it dry with. When I want a matte finish with it, I apply it using 400 grit paper and then burnish it in with the back of the paper.
