I have a 30-year-old 3T jack from Canadian Tire that occasionally does that. No leaks that I noticed, so all I do is jack it up all the way to the top and keep pumping a bunch more times. This bleeds the air out of it and stops it from sinking under its own weight. The alternative air bleeding procedure I've seen is to open the oil fill or bleed screw if there is one and pump the handle until there are no more bubbles. If none of those simple procedures work, double check if it's low on oil since you mentioned the leaking. Lastly, if you have nothing to lose and decide to disassemble down tot he seals, take the old ones to D&D (
Google Maps ) - they've usually been able to match any o-ring I've brought in, but they've mostly been standard sizes. I know a lot of people claim the seals on these cheap jacks aren't standard, but if you think about it, nobody building these are going to custom manufacture a single (never mind set) of o-rings just so they can't be repaired.