 Oleic Acid is an unsaturated fatty acid that functions as a lubricant, binder, and defoamer. Uses Oleic acid is a monounsaturated omega-0 fatty acid. Oleic Acid is obtained by the hydrolysis of various animal and vegetable fats and oils. Oleic Acid is used as an emulsifying or solubilizing agent i n aerosol products. Use Oleic 