Is old engine oil any good as a weather proofing on my garden shed,Or will it destroy it?

I have been told by many people that it is a good idea, but I haven’t actually seen any body’s shed with this coating

Is old engine oil any good as a weather proofing on my garden shed,Or will it destroy it?
mix in equal parts with creosote it makes a good wood treatment
Reply:It will keep the bugs out of it. The only thing I'd be leery of is the oil might seep into the ground water.
Reply:This does work great on keeping the wood from rotting, or if its untreated, termites to get in.... like stated above, I wouldn't have a open flame around it....
Reply:I've seen several.If ther is no prior treatment of the wood it's a simple process.You'll soon find that it doesn't take much.Note: No Smoking!!
Reply:my dad always did his wooden ladders this way. all he did was mix equal amounts of oil with water.