Light too! Don't forget light! UV can be good for keeping bugs from growing in water, and can fry bacteria that cling to dry surfaces like A/C ducts, but I wouldn't automatically assume the same about veggie oils. UV might not penetrate oil at all even though it appears transparent to our eyes which can't see UV. Remember vegetable oils are natural materials and will break down on exposure to air, water and light much faster than mineral (Dino) oils will. And some organic chemical reactions are enabled or accelerated by high energy light such as UV, so I would't try it until I had more informaiton.
Get the water out of the oil until it is clear, filter it thoroughly, store it in air-tight containers, and then use it up quickly. Again, veggie oil is natural, it's not a pure substance, but is composed of many oils and oil-soluble materials that were pressed out of the original feedstock. As such there are all kinds of things in the environment that will degrade it back to where it came from, CO2 and H2O. The clock starts ticking as soon as the oil is harvested.
Halfnuts