Wood oils provide a water proof finish and enhance the natural colour of the wood. Wood oil feeds, seals, nourishes and protects most types of wood and is suitable for new or old. Some oils also provide a hard wearing surface, (tread fast) such as decking oils and some oils provide protection from the sun such as Osmo UV protection oil, but very few will do both.
As most oils are clear/colourless (except Osmo wood oils and Rystic Penetrating Oil) these products will not give long term protection if exposed to the sun so the maintenance cycle is quite high compared to wood stains.