Oil based lubricants have alot of negative things going for them, with a few positive. There are health risks associated with oil-based lubricants, depending on how they are used.
The best use of oil-based lubricants is for penis masturbation. This is because the penis is easily washed with soap and water. Oil-based lubricants, like silicone, are very slippery and are slippery longer.
There are many! So many, that you should not consider using oil-based lubricant unless your specific objective is to enjoy male masturbation. Oil-based lubes should not be used in the anus or vagina. This is because there are harmful bacteria that can grow inside oil-based lubricants which may cause infections. Oil-based lube will destroy latex. Therefore, it is not recommended to use oil-based lubricant for male masturbation if you intend on having sex with a condom afterwards (unless you wash off very well inbetween). Oil based lube should not be used with sex toys that are are made of latex or rubber.
Petroleum is another example of a bad idea for personal lubricant. Just like oil-based lubricants, it can harbor bacteria so it cannot be used in the anus or vagina without risk of infection. Petroleum will break down a latex condom. It will destroy sex toys constructed out of rubber. At most, petroleum could be used as a lubricant for male masturbation. Just as with oil-based lubricants, if using for male masturbation make sure it is entirely cleaned off before considering wearing a condom or engaging in vaginal or anal sex.