Rich in four major antioxidants, olive oil is a highly effective moisturizer, cleanser and skin protector. Olive oil is equally effective for treating dry skin as it is for treating oily skin. Olive oil can also soothe skin and improve skin elasticity while reducing fine lines, wrinkles and dark spots. Olive oil was used by many ancient peoples – including the Phoenicians and the Romans who used it to treat wounds, moisturize skin and reduce the signs of ageing.