Use an oil free compressor ;). My UK based answer would be: We treat our air at point of use with a desiccant air dryer by Walker Filtration (this unit looks remarkably similar to units by Mark, Beko and others (especially the controller) this dryer unit was supplied with 3 filter modules, a coarse and a fine filter before the unit (XA and X1 models) and an RXA model after it to catch any crap that comes out of the dryer. I don't see a drop of water or oil in the traps located on the machine. So I would guess these filters and rivals equivalents do a fine job.
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