If you are just target shooting then one strip of theraband gold is adequate to shoot 9.5mm steel with, there are varying tapers and lengths you can try out until you find one that suits you. Using bands that are too powerful for your ammo will not result in faster speeds, they will just be harder to draw.
As for the best oil, it depends what you are looking for in the finish, if it's just something to bring out the grain then I would choose a danish or tung oil which can just be applied by cloth. If you are looking for something that is more durable then a poly, CA or hard wax oil would