Canola: Nutritionists recommend staying away from canola oil whenever possible. It has been linked to vitamin E deficiency and heart disease, plus it goes rancid easily. But if it's all you have lying around, it's pretty all-purpose, and most commonly used in baking and sautéing.
Olive: Ideal for salads, Mediterranean and Italian dishes (like pesto), and of course bread-dunking. Some recommended olive oil brands include: Carapelli, Whole Foods 365 brand, Berio, or the giant Kirkland brand jug from Costco, which should last you months.
Grapeseed: A bit pricy, but keep in mind, grapeseed oil lowers cholesterol. Use it when you'd use olive oil, and since it has a higher smoke point, it's also good for frying and sautéing. (And the super special bottles will involve an elephant spout.)
Peanut: Not the best one for you (lots of monounsaturated fatty acids in there). But when the time comes for stir frying and deep frying, throw a little in there.
Sesame: The vitamin E-rich oil adds a nice smoky flavor to foods, especially in meat and chicken. Make sure to keep it in the fridge. Usually the darker the oil, the more sesame-y the taste.
Soybean: It's in so many packaged goods (margarine, salad dressings, and mayo), odds are you're digesting it right now.
Walnut: The FDA is pretty pro-walnuts. They have said that "supportive but not conclusive" evidence shows that "eating 1.5 ounces of walnuts a day ... may reduce the risk of coronary heart disease." So go for it oil form. Throw walnut oil into salads or finish off a fish dish.
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