Many collectors in the USA and a number of the "experts" now voice a strong preference for applying wax to both edged weapons and firearms. Microcrystalline wax is preferred, one trade name is Renaissance Wax. Problem with oils that remain liquid is that they attract dust which then forms pinprick spots of corrosion as moisture is attracted. I have no knowledge of the use of olive oil, I don't think it is much used on arms here in USA.
I have a friend with an extensive "circa WWI" arms collection. He uses "bowling alley wax" on everything, wood, metal, etc. This is not microcrystalline wax but he prefers it, and it is readily-available (he says) and relatively cheap.
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