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While you shouldn't slather it on like sunscreen, the healthy monounsaturated fats in olive oil may help reduce your risk of sunspots, wrinkles, and overall skin damage caused by the sun. In fact, one Japanese study published in the journal Carcinogenesis found that applying extra virgin olive oil as an after-sun lotion can repair damaged skin and even protect against melanoma and other types of skin cancer. Olive oil has also been used as a moisturizer since ancient times, so applying some to your skin before or after sun exposure is a smart idea.