Short answer - latex. Improvements in paint technology
are all directed at latex as oil paint is gradually being phased
out (it's not environmentally friendly). Latex is more durable,
flexible and won't fade or chalk. While there will always be adherents
to the Oil-Primer-Latex-Top-Coat school of thought, advances in latex
primers have made that argument less convincing. We favor latex, but
will use oil where conditions require it.