Copper Clad Wire

Yes, that is shop-type extension cord wire. The outer jacket determines if it is SOOW, SJ, SJO, etc. It is made to be very flexible and resists stretching. The wire itself will be good for this use; very good for flexing. The insulation of the individual wires is the question and may be prone to absorbing oil, but that is just my best guess. It should not move around if well tied down and supported as the insulation so soft, but wire be prone to easily nick and cut, so extra protection is a good idea. Auto wiring insulation is tougher and more resistant to oil absorption.