When a recipe calls for a "neutral oil", I have used canola oil in the past. However, it is higher in vitamin K, which is a no-no for patients on Coumadin, as is my husband. When a recipe calls for canola oil, what is the best substitue, corn oil, safflower oil, or other oils? Peanut oil has a distinct tase-I use it for Asian cooking. My oil of choice is olive oil, which I use for virtually everything else, but that is hardly "neutral.
Grapeseed (tends to be pricy), safflower and corn (though some people find corn oil is not quite neutral); soybean, which is what typically comprises "vegetable oil" (read the label) is neutral for many people but I believe some people don't find it so.
Taste and decide for yourself. The cheapest oils are corn (especially in markets catering to Latin American customers - you can pay half what you'd pay elsewhere) and soybean. Safflower is moderately expensive, and grapeseed (the best of the neutral oils) the most expensive (Grapola is the most widely available cheaper option).
I consider canola a crappy oil to begin with, so happily never use it.
We use rice bran oil for most of our deep-frying. It definitely fits the bill when it comes to light and neutral - just a very slight nutty taste. I don't know its nutritional specifics, other than it is considered to be beneficial to one's cardio-vascular system.