nope it usually doesnt look oily at all. If you buy a decent brand like armorall youll notice that it doesnt shine the tyres. It gives a deeper black finish to it and doesnt allow any dust to settle on it. not only that even water just flows off the sidewall.
I put armorall once a month and theres no dust accumulation at all. I just wipe the tyres with a cloth while washing once a week and its back to shiny black. The heat actually dries up the tyres and over time cracks will develop. this prevents that.
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