I usually use a combination of oils for my protection blends. I use a drop of lavender, 2 drops of basil, 4 drops of sandalwood, and 6-8 drops of a carrier oil such as olive oil. Clove oil is also a good protection oil, but it can irritate the skin so use it sparingly.
If you are just using them to anoint candles, you don't necessarily need the carrier oil. It's more used to help dilute the oils if they are going to be placed on the skin.
A good book I would recommend is "The Complete Book of Incense, Oils, and Brews," by Scott Cunningham. It's a wonderful book for anyone interested in learning about potions, oils, inks, etc.