Conventional wisdom says 100 ppm (parts per million by weight) maximum. This is an arbitrary number which I would guess comes from a study that shows reduction in lifetime for bearings running in water contaminated oil and this is the point at which little statisically significant reduction in life can be proven.
I think that this graph comes from an SKF study, but am open to correction.
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I have no special talent. I am only passionately curious. Albert E