Ethyl oleate is a fatty acid ester that is water soluble. Caprylic/Capric Triglyceride is fractionated coconut oil, making it less slippery or greasy. Cetearyl Glucoside is a vegetable emulsifier, derived from coconut and glucose. It's what binds the oil and water together. Stearic Acid is a thickening agent in lotion. Benzyl alcohol is used as a solvent and a preservative at 20% or more. It can be drying on the skin. Sorbic Acid is a pH adjustor. Potassium Sorbate is a mild preservative, normally used in foods. Xanthan Gum is a thickener.
You could make a plain lotion with distilled water, fractionated coconut, E-wax (emulsifier), stearic acid, benzyl alcohol, xantham gum and a preservative. Since you would be making this product at home, I would suggest to go with a preservative that's available to homecrafters and leave the potassium sorbate out. In a home setting, this mild preservative would not be strong enough to keep mold, germs and bacteria at bay.
Here is a sticky I posted about preservatives.
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