You would do yourself and your drill bits a favor by buying cutting fluid. Cutting fluid is different than lubricating oil, and in fact, lubricating oil can impede a drill bit from cutting easily because it has anti-friction, high pressure additives that keep a fluid film between the metal and drill bit cutting edge. This keeps the drill bit from cutting easily.
Cutting oil has sulfur as the lubricant and some include chlorinated paraffin lubricants. Cutting fluid allows the chips to slide away which would otherwise generate heat. It's formulated to not stick to a heated surface and pass away with the heat unlike a lubricant.
I use LPS Tapmatic #1 Gold for steel. I have a PVC 2-inch diameter end cap that I fill with the cutting fluid and feed onto the drill bit with a flux brush as I'm drilling. If you're using a hand drill, then I'd brush the drill bit and stop 2-3 times during drilling to clean the chips out of the cavity in the steel, and fill the cavity with cutting fluid.
If you haven't used cutting fluid, you'll be surprised at how much easier it makes drilling holes.
Cutting oil has sulfur as the lubricant and some include chlorinated paraffin lubricants. Cutting fluid allows the chips to slide away which would otherwise generate heat. It's formulated to not stick to a heated surface and pass away with the heat unlike a lubricant.
I use LPS Tapmatic #1 Gold for steel. I have a PVC 2-inch diameter end cap that I fill with the cutting fluid and feed onto the drill bit with a flux brush as I'm drilling. If you're using a hand drill, then I'd brush the drill bit and stop 2-3 times during drilling to clean the chips out of the cavity in the steel, and fill the cavity with cutting fluid.
If you haven't used cutting fluid, you'll be surprised at how much easier it makes drilling holes.