Canola Oil - Many chefs favor using canola oil due to its low prices in bulk, polyunsaturated fat and high smoke point of 400 degrees Fahrenheit. Vegetable Oil - This oil has a high smoke point of 400 degrees Fahrenheit to cook your food thoroughly and leave a crunchy texture. Peanut Oil - This option offers a subtle nutty flavor perfect for deep-frying desserts, vegetables and meats.