Round nose pliers are used to create perfect rings, loops, bails and general wire shaping.
The tool is about 11,5cm big (small model for tiny loops), well polished and has a double-leaf spring to reduce fatigue. The jaws are only 4mm wide at the base and narrow down to 1mm tips.
Any oil you may see on the tool is there to protect the mechanism. Simply wipe it off with a cloth.