where metal slides on metal, or metal turns on metal, a drop of oil. Many folks overlubricate, resulting in oil soaking into wood, damaging it. It also makes dust/dirt stick to rifle. Easy does it. Use a cloth dampened with oil to wipe exterior metal surfaces.
The Speedmaster is a nice rifle. If your bud did not give you the owner's manual, you need this- http://stevespages.com/pdf/remington_552.pdf