Definition:
Oil paints are a type of paint made with natural oils such as linseed, walnut, or poppy, as the medium to bind the pigment. Oil paints dry slowly, allowing an artist time to rework and blend colors.
Most oil painters use solvents to dilute oil paint, speed up drying time, and clean their brushes. Water-soluble oil paints are formulated to be used with water rather than solvent, making a good alternative if you're allergic to solvents.
Oils were the paints the Old Masters such as Rembrandt used.
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