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 - The David Brown Rose Badge - by Samuel Kennedy. In the 13th century civil war was raging in England. Two English noblemen were involved in a conflict which became known as the War of the Roses. The Duke of York had as his emblem a white rose and the Earl of Lancaster had a red rose. Today the white rose is the official emblem of the county of Yorkshire and the red rose has been adopted by the neighboring county of Lancashire.
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