If you are 100% sure it is engine oil then I would bet that you have a broken piston oil ring. It is allowing oil past the piston and it is not burnt running under low load. Work the tractor and if it cleans up but you still loose oil then it is a broken/stuck piston ring.
Usually black fluid running out of the muffler is unburnt/raw diesel fuel. It is black because it washed the carbon out of the exhaust. It is caused by several things: low compression, bad injectors, too cold of engine temperature, injection pump turned up too much. These are the common causes.
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Today's Featured Article - Oliver 550 Clutch Overhaul Tips - by Greg Sheppard. I got my 1964 Oliver Model 550 (serial 141-139-519) second-hand and used it for several years before the clutch began to slip. After taking up the pedal linkage several times I saw it was going to take more than that. The engine had been leaking oil at the rear seal and I suspected
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