Yes!
Don't buy the cheapest oil in the store either. Get a name brand like Rem-Oil, Breakfree CLP, Shooters Choice, Knight. One can goes a long-long way... many years. Don't forget the exterior too. I alternate the exterior using Ballistol one time, Breakfree another time, furniture polish without wax (Endust) once or twice, automotive silicone spray sometimes, even Kroil... etc.... etc.