Old engine oil contains many by-products of the combustion process, these being carbon monoxide, nitrogen dioxide, sulpher dioxide and other particulates. Much of these are ejected through the engine exhaust system however as engine wear increases, some of these elements will inevitably be absorbed into the engine oil due to blow by of the piston rings etc – this among other factors determines the reason and frequency for oil changes.
So, to sum up, old engine oil is a dirty contaminated substance which should not be used as a substitute for good quality lubricants, after all, the purpose of a lubricant is to prolong bearing surface life and not to introduce unwanted contaminents.
if you are using new fresh oil, then there should be no problem, but do not be tempted to use the oild you just drained ou of your sump !
regards
coalburner