Grinding noise from blade carriage

[ropie 47]

I'm getting a metal on metal sound from the below picture.  When the blade drops, there is a lot of friction.  Can I add a drop or two of oil or would that cause more issues?  As it stands, I have to use a pressure of 120 to ensure the blade drops to the vinyl every time.  If I go lower, the blade will slightly drop but not make contact with my vinyl.  Thanks!