Whilst most colored pencils are wax based, some brands use an oil based lead, like Faber Castell's Polychromos. These pencils are very soft to apply color so will cover every fibre of the paper with their bright hues, but they are also very expensive and should only be considered if you are looking to take your art to the highest level.
If you want a clean and bold look for your picture, you can use colored markers for the color. It has a wide variety of colors and you can choose between fine tipped ones and broad tips depending on your needs. There are also refillable markers where you can just purchase ink whenever it dries up or loses its color. It's also an easy material to use. You just have to apply a single coat on the drawing. You can also add some more details using either a white colored pencil or a white inked pen.