Olive oil, which is extracted by pressing olives, is also a good source of many beneficial nutrients and minerals. The oil is a good source of antioxidants and, as a special bonus, it greatly adds to the flavor of dishes. As it contains monounsaturated fat, it does not elevate the level of cholesterol in the body. It is said that olive oil prevents the adherence of cholesterol to the walls of the artery. Additionally, monounsaturated fats also help in controlling blood sugar. This affects the insulin regulation in the body in a positive way.