Don’t deal with a lot of oil tanks. I take it the “wet” looking area on the tank is the start of an oil leak? Anyone care to explain how a leak on the side like that might occur?
Steel tanks leak, pretty common to see rust or corrosion on tanks. (numerous root causes responsible for the corrosion).
Oil tanks rust from the inside and seep then get holes. 
Oil floats. on water.
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Most likely oil from the tap/nipple that connects the filter can. Oil will go up the side using surface tension. Regardless, that thing is old and should be replaced. I recommend the new stainless tanks.
I always thought they would rust from the outside because the oil in the tank would keep it from rusting.
Clear, simple and concise. Thanks Larry!
The tanks condense, producing water inside the tank, and oil floats to the top and water to the bottom. 
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Thanks, and I hope you’re good, Roy.
Doing great Larry …How about you?
Good. Thanks, Roy.
Yep. Leaking. Check out that stuff growing on the wall too–awesome!
Be sure to mention that the removal of this monster is going to be absolutely awful. Last time I took one out of a basement, we rented a dumpster to hook the hoist/wench onto; chain/recip sawed a hole through the exterior wall on the opposite end of the stairwell (temporarily bracing the LBW in the process); drained the damn thing using the tried and true Ho Chi Minh trail method; and called in an exorcist. One of the guys working with us turned the tank into a rolling BBQ grill, which I thought should add a nice DFM taste to his next batch of turkey burgers. I’ll pass on the next one, but I kept the priest’s information…just in case.
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In addition, oil tanks must be able to be inspected from all sides. This tank looks to be against the wall.
In our jurisdiction it is 2" min.