Spray the stock with water, fine mist is best. This gets the wood fibers to stand up. Let it dry, then sand with fine grit - 400.
If you are going to rub it with steel wool, get the synthetic stuff (3M makes good stuff). Metal steel wood embeds in the wood and causes rust issues down the line.
Assuming you are using something like Tru Oil, start with several thinned down / diluted coats, and gradually increase the oil content.
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