The disclosure provides aqueous compositions comprising a rheology modifier comprising a water-swelling polymer and a co-emulsifier that are suitable for preparing cream formulations containing an oil. In one example, the composition comprises PPG-3 benzyl ether ethylhexanoate, glycerin and a rheology modifier comprising sodium polyacrylate, ethylhexyl cocoate, PPG-3 benzyl ether myristate, a co-emulsifier such as polysorbate 20, and an antimicrobial agent. Cream formulations can be prepared by mixing the aqueous composition and an oil without heating and provide desirable characteristics for topical use such as oil capacity and skin feel. The disclosure also provides associated methods as well as uses of the compositions for treating a medical condition.