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If the valve guide seals are bad. They leak oil into the combustion chamber. This will burn and cause smoke out of the exaust. If it's bad enough it can foul the plugs and/or leave oil in the chamber.
If the oil is on the out side of the sparkplug I would say its the cover gasket.
It depends where the oil is.
Is the oil on all of the plugs?
Is the oil on the spark plug wire end?
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