When oiling timber, you generally continue to oil it until no more seeps into the wood. Don't be afraid to "flood" the first few coats.
Basic oil coating goes like this:
- Apply the oil (flood and wipe it in)
- Wait until it soaks in
- Wipe off the excess
- Wait a day before the next coat
- Light sand with the grain
What grit did you sand back the timber to begin with? If you went to 320, then a 400 grit would be fine in-between coats. Don't use an electric sander for this. Just work with the grain with a soft sponge backed sanding block. When sanding, you will end up with dust residue so just wipe it down with a clean cloth and a touch of water/meth-spirits if need be.
Oil seeps into the wood so you won't get a high lustre/shine from it. Some of the mixtures on the market however have some polyurethane in it. Poly sits above the wood so will cause some reflection with the light making the piece shine some more. Get some good solid basic oil+poly mix. Something like Danish Oil or Scandinavian Wood Oil would work nicely.
Also, update with some photos and I'd be happy to provide more insight and tips.