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Perhaps both. Unscrew the valve screw and top off the oil - it might not need much anyways, though, since it's still working otherwise if really tightened. If there are o-rings on the screw, then that's prolly the culprit. Replace those and check again for operation at when it's closed all the way using just the handle. Some have a seal at the bottom of the seat, though ... that's a PITA to repair, and if the jack is a very inexpensive one, you may want to just buy another one instead of attempting to repair it.
-- Kane ... for something that's more expensive, like the 4-ton (underrated) shop jack we have that would run over $400 to replace and weighs almost as much as I do - it's worth repairing.
--
Blossom II -'91 745Ti/M46 ... Bubbles -'74 144GL/BW35 ... Buttercup -'86 245GL/AW70 The Wayback Machine -'64 P220/M40 ... The ParaBox -'90 745GL/AW70
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