I guess olive oil would be better than nothing, but I use OB lube, it's like KY Jelly
If you can see the egg, I think you can get it out. Don't give up yet! Try all of the things that I have mentioned, Calcium, D, steam baths, warm water soaks, etc.
You don't want them any warmer than you could tolerate. And if she starts to pant, she's too hot. You might need to do this several times a day. As for the calcium, I only really know what's worked for me. What kind of oil are you using?
If you think it might be egg related, look at these:
When I think mine might have an egg issue, I give them Calcium and D. This is exactly what I give them every other day.
I think you should read these:
http://www.the-chicken-chick.com/2012/07/chicken-egg-binding-causes-symptoms.html
http://www.avianweb.com/Prolapse.htm
http://www.avianweb.com/eggbinding.html
https://www.backyardchickens.com/t/722041/how-to-t-feed-a-sick-chicken-and-give-subcutaneous-fluid...
If she were mine I would:
Bring inside right away.
Weigh and record weight. I use a cheap digital kitchen scale from Target.
Do thorough exam.
Dust for mites/lice with poultry dust even if I couldn't see any .
De-worm with Safeguard for Goats/Cattle (fenbendazole 100mg/ml) at the rate of...