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.
Soft Pastels are interesting media to work with. It can also be fun for you can use your own fingers to apply the color or you can use a brush or cotton balls.Just outline the drawing with your chosen color and smudge it with your finger, brush or cotton. You can achieve a soft, hazy look with this just like the one in the picture. Plus, you can actually erase smudges using eraser.