manitou swinger 4 way

cyfa2809

Retrobike Rider
Gold Trader
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i have a manitou swinger 4 way air which i got off ebay
the general condition is pretty good, not sure what year but has gold stanchion
it has a slight leak from the rebound valve when adjusting the rebound, not sure whether it is oil or residual water. its not a massive amount but noticable
what could this be?
 
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