Lipid oxidation was studied in rapeseed oil, stored at 35 or 50°C in 0.03, 0.3, 1.0 or 1.8% oxygen for 42 days. Peroxide value (PV), oxygen consumption, tocopherol consumption and production of volatile compounds were analyzed to follow the oxidation. At 50°C, lipid oxidation measured as oxygen consumption or PV was only slightly influenced by oxygen concentration ≥1%. Below 0.5% the influence was strongly enhanced. The production of volatiles showed different relationships to oxygen concentration and some compounds were produced in larger amounts at lower O2, than at higher O2, concentrations.