It is possible. Oil is not a guarantee against corrosion. As soon as oil contains water, corrosion can occur. If we are talking about a crude oil, it is even more probable: crude oil can be very corrosive.
I agree with Mr.Vadim Verlotski , especially when the work piece of stainless steel was susceptible to corrosion in the present of oil ,as a hydrocarbon compound, and an inorganic solvent in aerated surrounding.