I think it depends on your access to the hinges:
If you can remove the door, the best choice will be grease.
If you cannot remove the door, your only choice will be oil as it is the only lubricant that will be able to travel into the hinge from outside.
Grease is probably the best choice, because it will last very long and it won't come out of the hinge. Graphite can last long too, but might spread to your wall over time, which might be a problem on light walls.
Oil won't last as long as grease and graphite.
If you use oil, use mineral oil and not cooking oil, as plant-based oils will gum up over time and result in the opposite of a lubricant. You can read more about different lubricants in this answer.