My lot recomend liquid paraffin. Mix it to a very thick paste not a liquid or anything that has movement, almost solid.
Add the liquid to a small amount of the powder and keep working it in yes it will clump at first.
Remember a little goes a long way and will last a very long time.
Any problems PM me I will pass them on to our Chairman who is such a dab hand at mixing the paint he does it for many clubs
and has been for the last 50 years.
I have seen it done with olive oil but this did discolour it with age.