What does oiling Hakan do?

What does it do for Hakan when he puts oil on? I tried doing a search on the forums and looking on the wiki, but couldn’t find anything.

Increased range command grabs and damage. Most normals you can slide forward and back while performing. Forward roundhouse knocks down on hit…Possible 5% reduction of damage but I’m not certain if that’s true. Oil slide travels faster across the screen.

Ultra 1 unoiled: 480
T Hawk U1:510
Zangief U1:520
Hakan U1 with oil:530

Edit: With oil he can cancel his dash out of focus into a normal.

Read this post…basically a damage/defense buff.
Certain specials have more priority.
during the EX oil shower animation…you are invulnerable to projectiles.