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Some general guidelines:
Monounsaturated oils help lower blood cholesterol more than polyunsaturated oils, and help lower bad cholesterol (LDL) and increase good cholesterol (HDL).
Canola oil is the best for cooking. It is mildly flavored, low in saturated fat and works well in baking, sautï¿½ing and oiling pans.
Extra-virgin olive oil has a deep, almost fruity flavor that varies from brand to brand. It's good for salad dressings or drizzled over cooked vegetables. Pure virgin and light olive oils are milder in flavor; they hold up better under high heat and are best for sautï¿½ing and baking.
Peanut and toasted sesame oils are highly flavored and are ideal for Asian-style dishes. Peanut oil does well under high heat and often is used for stir-fries.
Under no circumstances do you want to let any oil burn past its smoke point, as it turns the oil into a trans fatty acid. The best oils for high-temperature cooking are canola, grapeseed, sunflower and peanut.