If you are going to store your firearm for a long period, 1 yr plus. I would recommend breaking it down from the stock. Oiling it with a gun oil that doesn't damage wood. I would recommend Ballistol or G96 as the products I have used that I like. Spray all the parts lightly wipe or leave oily and put it back together. Then place it in the bin with the other artifacts. These old guns are remarkably resilient. If your gun already has some rust on it and your not sure what to do consider the value of the firearm. I had one which I picked up that had developed some rust, all the markings had been peened 100% blueing was missing in spots on the barrel. I completely reblued and tidied up the stock a great deal, It turned into a fine tight grouping rifle (probably always was).
Honestly oiling is the least of your concerns. For me the biggest hurdle of the K98 was breakdown removing that front barrel band. Once you get past that everything is easy.
To save you the worry and damage to your gun. Here is the video to get you started as well as confused because its not exactly for your model. Tip Use the empty shell and a rubber mallot and tap the band off by angling the empty shell at about 30--40 degrees depressing the band spring and tapping the end cap off easily. It seems YouTube is devoid of anything but butchers who use vice grips etc... don't do that.