It will need to be cleaned. I used to use baby oil, unscented pure paraffin oil. Now I use the thin vacuum pump oil or ATF oil. It seems to stay for a very long time. Most people over oil things. The droplets need to be very small on the bearing areas. The rack and pinion is usually clean and dry, with the oil drop being on the pinion pin bushes. Some use full synthetic oils. A watch maker will set you onto a better track, but my indicators are still working well , the oldest was new in 1980. A very small amount of oil on the top and bottom guide bushes sometimes. If it is used in a dusty environment, then I leave the indicator shaft clean and dry. I use a pin point to apply the tiny drops of oil.
WD40, CRC, and similar products, evaporate and leave a nasty deposit that over time will ruin things.
ATF oil has additives for mixed metals to prevent corrosion. The vacuum pump oil is very low evaporating, and lasts the longest. At least for 3 years or more.
Neil