权利要求:
1. A reaction product which is preparable by reacting: (1) an unsubstituted or hydrocarbyl substituted hydroquinone or resorcinol of the formula: wherein R¹, R² and R³ represent a hydrogen atom or a C₁ to C₃₀ hydrocarbyl group; and one of Z¹ and Z² represents a hydroxyl group while the other represents a hydrogen atom or a C₁ to C₃₀ hydrocarbyl group; with (2) an aliphatic hydroxyester containing at least one free hydroxyl group; and (3) a borating agent.2. A product according to claim 1 wherein the aliphatic hydroxyester comprises at least one of: wherein: y represents 1 or 2; R⁵ and R⁶ each independently represent a C₃ to C₃₀ hydrocarbyl group; and R⁷ represents H or CH₂OH; and the borating agent is selected from boric acid, boric oxide, metaborates and (R¹⁰0)m B(0H)n wherein : R¹⁰ represents a C₁ to C₆ alkyl group; m represents 0 to 3; n represents 0 to 3, and m + n = 33. A product according to claim 1 or 2 wherein is hydroquinone and the aliphatic hydroxyester is wherein: R⁶ represents a C₃ to C₃₀ hydrocarbyl group; and R⁷ is H or CH₂OH.4. A product according to claim 1 or 2 wherein is resorcinol and the aliphatic hydroxyester is wherein: R⁶ represents a C₃ to C₃₀ hydrocarbyl group; and R⁷ is H or CH₂OH.5. A product according to any preceding claim wherein the aliphatic hydroxyester comprises glycerol monooleate.6. A lubricant composition comprising a major proportion of a lubricating oil or grease therefrom, and an oxidation inhibiting amount of the product of any preceding claim.7. A composition according to claim 6 wherein the lubricating oil is selected from mineral oil and synthetic oil.8. A composition according to claim 6 or 7 comprising a major proportion of grease containing hydroxycarboxylate soap thickener.9. Use of a product according to any of claims 1 to 5 to inhibit oxidation when added to a lubricant composition.10. Use of a product according to any of claims 1 to 5 to enhance friction reduction when added to a lubricant composition.