An oil expressed from certain animal fats (esp. beef suet), the greater portion of the solid fat, or stearin, being left behind. It is mixture of olein, palmitin, and a little stearin.
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Webster, Noah. Entry for 'Oleo Oil'. Noah Webster's American Dictionary. https://www.studylight.org/dictionaries/eng/web/o/oleo-oil.html. 1828.