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For the surface of my tools, I use a spray product called Top Coat. It dries fast and you wipe it off and it's very slick and compatable with all paint products. I used to use car wax and even tried Armorall. They were slick but if any sticks to the wood, the finish will "fisheye". A real mess!!
Congratulations to Mr. "the sky is falling" Al Gore, nominated the new Village Idiot!
I'll ditto CWSmith on the types but my most often used is WD-40.
I buy my WD-40 by the gallon and use it both by oil can and a spray bottle. Can't stand the price of the aerosols altho I have one can for the real tight spots. A gallon will last me several years.