A light oil coat is not thick enough to protect steel in storage.
Special protective greases are used by manufacturers to ship tools,
but a heavy weight automotive engine oil will work. On flat surfaces,
put paper over the oil covered surface, it helps to hold the oil in
place. Smaller tools can be wrapped in oil soaked paper. As Estavillo
mentioned, do not store any corrosive chemicals near your tools. I
would not recommend, however, that you store corrosive or volatile
chemicals in a different area. Unless you have a fireproof cabinet to
store them in, do not keep your chemicals, it’s not worth the risk of
fire or corrosion.
Reisland Conservation, LLC