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.
Colored Pencils is one of the easiest media to handle since they're pencils and you can control your strokes well. There are also a lot of available colors to choose from. First, cover the entire drawing with light strokes. Then, you can proceed with the thick lines to add texture and effect to your drawing. You can also add some more details in your drawing like this one. Soft pastel was used for the blue shadow_effect.