It’s best if you use either virgin or extra virgin olive oil. I’ve just bought a book about fats and oils, and I’ve finally learnt what all these names mean. Extra virgin is the oil extracted from the first pressing. Virgin is the second pressing. All other olive oil is much more refined and processed, and is therefore more likely to contain transfatty acids and other rubbish that you don’t really want to put into your body.
I guess that doesn’t necessarily mean that the oil you have will be detrimental to you on the diet, but you might want to get a different one in the future. Hope that helps!