Linseed oil Kero was a common cheap bilge coating for work boats and about any other wood around water. Linseed oil needs something to thin it so it will penetrate. Pigments can be added to color the mixture. Probably hundreds of local recipes used.
Today small job like that bucket and wanting to stay traditional I would mix boiled linseed oil with turpentine about 50/50. The oil will darken with age. Turps a better choice than Kerosene. If wanting darker soon add some burnt umber, or any other pigment you desire. Very little pigment needed to color.
Experiment on some scrap wood first.
William
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