I never use Waterlox, but Polymerized Tung oil, as it polymerizes quite quickly you want to keep the air away from it.
I buy the Tung oil from Lee Valley and it comes in the metal cans with screw cap and safety cap over that (PITA) I normally use some of the oil first and just squeeze the can so all the air is out and screw the cap back on.
Next I get my glass bottle with the quick closure and pour all my Tung oil in it, if not totally full I’ll add some water so it is totally full, and every time I use some of the oil, the bottle gets filled up with water.
As we all know, Oil floats on water so that works just fine, I have used this for quite a few years already, and it works just fine without any trouble, just don’t drop the bottle on a concrete or other hard floor.
I wrote this reply some years ago, so I don’t have to type this all over again, as this is still all the same.
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The hardening oils like
Tung oil or BLO and Walnut oil react with oxygen in the air.
Tung oil and the other oils, cure by Polimerization (molecules combining to form long chains) and oxidation (combining with oxygen from the air)
So you have to keep the container closed and full so that there's no air to react with the oil, when you let it get hard, it's no good anymore,
You can not undo the polymerization that has occurred.
The problem with the cans where the oil comes in, is first they are a PITA to open and second, soon there is a large amount and area of air in that can to react with the oil.
I looked for an easy to open container that also was impervious to air (so plastic was out) my choice was glass with a flip closure.
I have used a glass Maple sirup bottle for quite a while, pour out some oil and fill right up with clean water.(OIL FLOATS ON WATER)
The bottle had a good closure to keep the oil in and air out, I also could easily see how much oil there still was in it, the only problem with that bottle was right at the end when almost all the oil had been used it would have water come with the oil because of the shape of that bottle.
Looked for a better shape and found a better one, the Grolsch beer bottle from the beer store, you should drink the beer first, it is good Dutch beer
, the bottle has a longer neck than the Sirup bottle so I can get pretty well all the oil out right till the last drop , it has the quick closure and it is also very close in size to the ½ liter metal can that I usually get, so as soon as I have used a bit from the metal can I can decant all the rest into the bottle, and keep it filled up by adding water. and like I said before, oil floats on water