An ashless lubricating oil, comprising a base oil having greater than 90 wt % saturates, less than 10 wt % aromatics, a viscosity index greater than 130, low sulfur, and a sequential number of carbon atoms. The lubricating oil has a VI between 155 and 300, greater than 680 minutes in a rotary pressure vessel oxidation test, and a kinematic viscosity at 40° C. from 19.8 to 748 cSt. An ashless paper machine oil, comprising a base oil having a sequential number of carbon atoms, wherein the oil has a defined viscosity index and high oxidation stability. Also, an ashless lubricating oil, comprising a base oil having a viscosity index greater than 150, wherein the base oil is made from a blend of petroleum-based wax and Fischer-Tropsch derived wax.