How much and what type oil to use on reel bearings is important.
If you have a glass shot glass or jigger and some acetone, experiment.
Make sure you are using a good bearing. Pour a shot of acetone and put the bearing in it. Swish it around, then get it out and dry it. A paper towel whisk the acetone out fairly well, and the rest will evaporate. To me an ice pick works great for testing, put a sharpened pencil will work. With an ice pick, you never have to really touch the acetone with your fingers. After the bearing is clean and dry, spin it with your finger while on the ice pick or pencil point and note how long it spins.
You can try different oils, and different amounts of oil. Acetone quickly gets the bearing clean between experiments. You will soon see that thick oil slows a bearing down a lot. Also, too much of any oil slows a bearing a lot. A tiny drop of thin oil still noticeably slows the bearing down. By slows down, I mean free spin time.