Spot oil is a term in marketing, rather than a type of oil. As far as I know spot markets exist for different types of oil, which for crude oil means different producing areas.
This oil originated in Canada and has became known as the Canadian oil, or canola. Canola oil is second only to flaxseed oil as the highest vegetable source of the essential omega-3 fatty acids. Like...
No, olive oil is a vegetable oil; it is extracted from olives. Mineral oil is a distillate of petroleum; it is safe for human consumption, but only in small amounts.