Dalian Commodity Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, China Financial Futures Exchange. Palm oil is a vegetable oil. Palm oil is the most widely used vegetable oil at present. Palm oil, soybean oil and rapeseed oil are also called the three major vegetable oils. Palm oil has been eaten for a long time now. Palm oil is the oil squeezed from the fruit of oil palm tree, which is very nutritious.