Quenching Oil – (also called heat treating oil). A high-quality, oxidation-resistant petroleum oil used to cool metal parts during their manufacture, and is often preferred to water because the oil’s slower heat transfer lessens the possibility of cracking or warping of the metal. A quenching oil must have excellent oxidation and thermal stability, and should yield clean parts, essentially free of residue. In refining terms, a quenching oil is an oil introduced into high temperature vapors of cracked petroleum fractions to cool them.