Olive oil is different from other vegetable oils. It is monounsaturated, which has something to do with the molecular structure. I have about a half ounce of extra virgin (whatever that means, but it's really good stuff) olive oil which has been in an open jar (covered with a Kleenex tissue to keep out dust) for a couple of years. It has thickened a tiny bit but has no smell at all. It has even lost its original olive oil smell. After this length of time, a polyunsaturated oil like canola would probably be a thick, yucky mess. Anyhow, olive oil should be perfectly fine for knives, even those which are used for food preparation.
If you ever have some polyunsaturated oil which has gotten rancid, it's best to throw it out. It's not good for anything, and it is carcinogenic if you eat it. Most vegetable oil (except maybe olive oil) should probably be kept refrigerated after it is opened.