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Depends. In the past, that would eventually cause the hose to swell and get spongy. You had to use specific hose rated for oil.
But not that long ago, I went to the parts store and told the dude I needed 3/8" rubber hose for oil. He cut me some hose and when I got home, I looked and realized it was labeled as fuel hose. When I looked up the number printed on the hose, it turned out that it was rated for oil too.