Oil-based and latex paint are two common types of paint used for painting projects. You can quickly identify the leftover paint in a can as oil-based or latex by its consistency and odor. If the leftover paint has a strong smell, it is probably oil-based paint, whereas if it has a light aroma, it is latex paint. Latex paint has a thinner consistency than oil paint. While latex paint is easier to work with and clean up, oil-based paints provide a more durable finish.