The behaviour of copper and insulation paper in various electrical insulating fluids (transformer oils) exposed to thermal ageing at 110�30C for 1000 hours in closed vessels (without access to atmospheric oxygen) has been studied. The processing of the comparative experimental data revealed in all cases that the concentration of dissolved oxygen in the investigated oils decreases exponentially during the heat treatment. In the presence of the copper foil, the oxygen is almost depleted (the dissolved oxygen concentration is approaching zero), indicating a higher affinity of the copper to oxygen than the affinity to oxygen of the investigated oils. In the presence of the copper foil and / or of the insulation paper, the degradation processes of the mineral oils have a pronounced character, explained by the catalytic activity of the Cu2O film that has been formed and by the paper degradation, respectively. A high thermo-oxidative stability was noticed in the case of natural triglyceride oils, particularly for the synthetic ester-based oil.