It's not clear whether one grade of olive oil has more health benefits than other grades. The health benefits of olive oil are primarily related to its high levels of monounsaturated fats.
Although processed differently, extra-virgin, virgin and regular olive oils are all excellent sources of monounsaturated fats. When used in place of saturated fats, such as butter, monounsaturated fats appear to improve cholesterol levels and reduce the risk of heart attack. They may also play a role in lowering the risk of some cancers.
Here are the processing methods for different grades of olive oil:
Extra-virgin olive oil is cold pressed from ripe olives using no chemicals or heat. It's the least processed of the different grades of oil. As a result, it retains the highest levels of antioxidants and polyphenolics found in olives. Antioxidants appear to protect the body from age-related changes and certain diseases. Polyphenolics are compounds thought to improve the immune system. But there's no evidence that these compounds in extra-virgin olive oil provide added health benefits.
Virgin olive oil also is cold pressed from ripe olives but contains more acid in the final product. The filtration process may reduce some of the antioxidants and polyphenolics in virgin olive oil.
Olive oil is a blend of refined oil. It's chemically extracted from olives and has less of the antioxidants and polyphenolics found in virgin olive oil.
As for taste, extra-virgin olive oil is generally more flavorful. It's well suited to salads and marinades rather than cooking. Because it tends to contain sediment and small particles of olives, extra-virgin olive oil is more likely to burn or smoke during cooking.

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