318 just started knocking???

The plugs are oily, so where is this oil coming from and does this mean I have seals or rings that are not doing their job? Also, this knock is seems low in pitch, not like a tick form the valvetrain but more like a bump bump bump from lower in the motor.

I have heard that low thud knocking , it wouldn't do it until the engine warmed up, as the oil got thinner and began losing viscosity , it would get worse. nothing I did from outside the engine would cure it. pulled it out , took the pan off and found one loose rod nut/bolt. it had finally beaten the rod bearing into submission. I never lost oil pressure. I replaced that one rod and cap, new bearing, put it back together , and it ran another 50K