The carb float valve is stuck, or the float needs to be replaced. The oil you see is probably being rinsed off the case by the fuel. Remove the carbs and inspect the condition of the float needle and seat.I would just replace it given the age of the bike. Check the float-if it's brass, shake it to make sure there is no gas in it. If there is, replace it. If it's plastic, put it in a cup of gas and make sure it floats. They do get saturated over time and need to be replaced. When putting it together, consult the factory specs for float level, set it and you should be back on the road. Good luck!
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