I have an Ibanez 655E bass, the usual oiled wood finish (at least it looks like oil finish). Ibanez says in their maintenance manual -
You can prevent drying by polishing once or twice a year with a colorless furniture finish oil or gun oil applied to #0000 steel wool or a cloth.
I bought a small bottle of teak oil and applied to to a small spot on the back and it looks a bit shinier than I would like after one day. Not sure if it will soak in to the wood or just stay on top and look shiny forever. Has anybody else tried oil on this type of bass finish?