GT85 is rubbish for that sort of thing.
Give it a blast with it by all means (or WD40) to clean it out.
Then if you are going to soak the bearings, use some proper wet lube, bicycle chain lube wouldn't be far off the right sort of consistency.
You need to move the bearings too. Make sure the oil gets in everywhere, no pockets of water or bits of dirt wedged in there.
What sort of bearings were they? Metal or rubber sealed (or double rubber.....)
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