In getting the best out of an oil finish I will apply two soaking coats of oil as discussed before.  My favorite is to sand the third coat of teak oil lightly with 320 all over without concentrating in any area. 320  black wet dry can be used with the best cutting results and back filling of pores wiping the residual off leaving a light sheen with no streaks. Any bleed back will be dulled eliminating the little shining spots with the next sanding. Two more coats later I will go to 400 and then 600 two more coats later. I have never found power sanding of any sort in this case to help in time and quality. Subsequent to the final coat of oil wax may be used as discussed before from WATCO. The dark satin floats the paper and allow for efficient cutting with a 1000 grit paper back by a small sponge. Try it as you will be amazed and never turn back.

Mike