Well used engine oil is considerably more hazardous than new. It has absorbed lots of nasties from the exposure to and absorption of combustion products. The normal route into the body is by ingestion and results in cancers of the gut, bowels, rectum, scrotum etc. There are better ways to go than being eaten up, starting from inside your ringpiece.
Similar pathway for "new" petrochemicals but tend to be less nasty. Even simple petroleum derivatives contain small amounts of nasties. Best stick to plant oils if you can.
My late dad was an industrial toxicologist and his library made interesting reading.
Murray