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You need to find experiment a little to find out what just enough is for your tastes. Do it like DF has suggested and it will not take long to figure this out. I recommend you let the baits cure a couple days at least on small ones and maybe up to a week on larger, denser baits, before you bag and oil them. Really freshly made plastics will inhale oil if used prior to some curing. If you see this happen with your bagged baits just add a little more oil. Maybe have to do this a couple times. The plastic will let you know when enough is enough.
