What is a lubricating oil?

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In general, it is a substance that reduces friction when placed between two surfaces with relative motion. There are lubricants with different grades and viscosities, although their functions have a lot of similarities as they:

Reduce friction between two metal surfaces.
Protect mechanical components from wear and corrosion.
Clean and cool engines.
Act as a sealant between the segments/pistons and jackets in order to prevent gas leaks from occurring inside the combustion chamber.