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If you don't want to gamble, then oil it. If it's never used for carving anything which might contain food, 5W30 engine oil seems good enough for metals.
Wipe it dry, keep away from the damp and that's about all there is to it. If the shed is damp then some WD40 like Navek said. Don't leave it propped up where you could walk into it unless the edge is covered. An axe mask can be made from some ply or leather.
If left in a damp area, some people favour leaving the axe stuck in a log so that the cutting surface isn't exposed.
Not a great fan of WD40 for long term store, it evaporates completely and leaves no oil behind. WD40 was invented to remove water (the WD stands for water displacement)
Grand for hosing tools down with when you bring them in out the wet but once the water has been dispersed , slap some oil on and cover with an oily cloth.
Not sure if it is new or not, but recently bought some spray 3 in 1 which seems to be doing a fine job of keeping moisture off my saws and tools after they have been dried ... so far.
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