Our European neighbors have known for many centuries of the many benefits of olive oil — they use it inside the body and out! On the skin, they use it as an exfoliant mixed into a sugar scrub or as a moisturizer. But you don’t have to smear olive oil all over you; drinking it will provide known anti-aging compounds, like antioxidants and vitamin E.
After 12 weeks, the decrease in body weight and body fat was significantly greater in the MCT group than in the LCT group. The decrease in the area of subcutaneous fat in the MCT group was also significantly greater than that in the LCT group, which suggests that the MCT diet might be able to help reduce body weight and fat in individuals who need to lose weight. (3)
A meta-analysis of 13 randomized controlled trials following overweight and obese participants for 1-2 years on either low-fat diets or very-low-carbohydrate ketogenic diets found that the ketogenic diet produced a small but significantly greater reduction in weight, triglycerides, and blood pressure, and a greater increase in HDL and LDL cholesterol compared with the low-fat diet at one year.  The authors acknowledged the small weight loss difference between the two diets of about 2 pounds, and that compliance to the ketogenic diet declined over time, which may have explained the more significant difference at one year but not at two years (the authors did not provide additional data on this).
In fact, the FDA now allows olive oil labels to carry the claim that its monounsaturated fat can reduce heart disease risks -- with a few strings attached. The claim says that "limited and not conclusive scientific evidence" suggests that eating about 2 tablespoons of olive oil daily may reduce the risk of heart disease. To give this possible benefit, it adds, the olive oil must replace a similar amount of saturated fat in your diet -- and must not increase the total calories you eat in a day.