Oil bottle W/H?

The ‘W’ is the Cyrillic ‘ShCh’ & the world transliterates to ‘Shchelo’ which means lye or alkaline solution / Solvent. The ‘H’ is the Cyrillic ‘N’ and transliterates to ‘Neft’ or Oil.
 
HI; So what do the letters on the oil bottles mean and what is supposed to go into each side?
W?
H?

It seems to me that you're referring to the characters on the steel double-compartment bottles that come with the Mosin's and SKS's. If so the character on the left which you think is "W" is in reality a Cyrilic character that sounds like "shch". The one that looks like "H" is the "N" sound (a Cyrillic N).
The real translation of those characters is "«Щелочное масло» and «Нейтральное масло», which means «Alkaline oil» and «Neutral oil». They have been used for many years to clean firearms after shooting with corrosive ammo.
Sometimes people interpret those characters as «Щёлочь» and «Нефть» (shchalok/neft which roughly translates to alkaline solution/oil) but it's not quite right because "neft" in Russian is more closely understood as "crude oil" which can be hardly used for cleaning firearms.
 
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