I've used both 3in1 oil and motor oil on fans with good success. A reasonably thick lubricant is good, but too thick and your fans will stick when trying to start. I find thicker oils go too gummy after a while. I have tried using WD40 myself and can attest that it is inadequate in this application, it might work good at first, but give it a week or two and your fans will sound worse than before you used it. Continued application seems to bring about rapid death.
It's funny burner mentioned RC car lubricant, I saw the title of this thread and my thoughts suddenly turned to that type of lubricant, slot car fans have special small motor lubricants that may be good also.
Some people here I have seen advocate silicone grease. Now there are special light greases that may do a good job, but just thinking "grease is good" will probably land you with fans that don't start at power up, I think you have to be careful about what type you use. Having tried some greases before I am aware that there are problems with some types, I have not myself used one I can recommend. I think there are light silicone greases in the RC car field that would probably be most suitable. So anyone who has used a silicone grease with success, should please report the exact brand and type.
Road Warrior