From Duratherm Extended Life Fluids

Oxidation occurs when a fluid comes in contact with air at elevated temperatures and is one of the most common ways a fluid suffers from degradation, usually resulting in sludge formation within the system. While the various heat transfer fluid chemistries are affected at different temperatures the most common petroleum based fluids will experience oxidation at temperatures above 200°F. In fact it's generally accepted that for every 15 degree increase in temperature (above 200°F) the rate of oxidation doubles.

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Products & Services
Industrial Lubricants
Industrial lubricants are oils, fluids, greases and other compounds designed to reduce friction, binding or wear and exclude moisture. Specialized characteristics may enhance thermal conduction across thermal interfaces or reduce electrical resistivity across electrical joints.
Petroleum and Mineral Oil Products
Petroleum products and mineral oil products include substances such as fluids and greases.
Synthetic Oils, Greases, and Lubricants
Synthetic oils, greases and lubricants are based on synthetic compounds such as silicone, polyglycol, esters, digesters, chlorofluorocarbons (CFCs) and mixtures of synthetic fluids and water. 
Refrigerants, Antifreezes, and Cooling Liquids
Primary refrigerants use a thermodynamic or adiabatic process (evaporation-condensation cycles) to remove heat and cool a region. Secondary refrigerants such as antifreeze liquids provide cooling solely through heat transfer.

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