News about a top-class lubricant (4,3)

I believe the answer is:

good oil

I'm a little stuck... Click here to teach me more about this clue!

'news' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'a top-class lubricant' is the wordplay.
'a top class' becomes 'good' (I can't justify this - if you can you should believe this answer much more).
'lubricant' becomes 'oil' (I've seen this before).
'good'+'oil'='GOOD OIL'

'about' is the link.

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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