This invention is directed to a liquid metal and oil teating composition and to the process of preparing the composition. In the process there are first mixed together a vegetable oil such as cashew oil, an oleate ester such as magnesium oleate, and Ingredient A which is material selected from the group consisting of powdered ferric chloride, lead oxide, ferric oxide, iron carbide, chromium carbide and tungsten carbide and mixtures thereof dispersed in an aqueous solution of acid selected from the group consisting of hydrochloric acid, perchloric acid and sulfuric acid. The acid solution is concentrated, preferably containing about 40 volume % acid. The mixture is heated and stirred and then distilled. The residue is then heated to about 100.degree.-150.degree. F. while adding to it, with stirring, an antioxidant, a polar hydrocarbon, a carbonyl, a carboxyl amide, a viscosity improver, at least one of a tackifier and a sulfonate, and a petroleum oil until a homogeneous liquid is obtained.