We use this stuff at work, when we preset our tools/holders, we spray the holder so that we can put a sticker on the holder to ID the tool at the machine. The tools are always coated in oil, once the LPS (Electro Contact Cleaner) is sprayed onto the holder the oil just evaporates, no residue, nothing.
I did a search for 'CONTACT CLEANER', Here is a link to buy the stuff, I didn't realize they had so many diff. types. You'll have to read thru each one to find the best, for your job.
You might also check with a local auto parts store, might be a lot cheaper?
I would do this away from the machine (NO power, No connection to machine), the vapor from this stuff will ignite from a spark/heat source.
We had a guy (not me ) use this stuff out on the shop floor one time, he was running a grinder, while it was running he was cleaning something below the work area, the vapor flamed up real quik, lost the eybrows!