Oil may not "attract", but certainly is able to bind, dirt to the thing lubed. One of the reasons for soaking a bike chain in melted parafine is that the heated parafine gets into the linkpin bushes and sheds off the exterior. A parafine-lubed bike chain may rust after rain but is lubed where it counts. Your average stinking chain dipped in 30wgt. won't rust but it's stretched and worn out anyway from lack of lube where it counts.

jack