What chemical substance is obtained by dissolving C60 in olive oil?
There is no chemical reaction between fullerene and olive oil, that is to say that the two molecules do not break or make chemical bonds to produce a new chemical species.  However, fullerene is soluble in olive oil and so there are typical solvent-solute interactions.  A homogenous solution of fullerene in olive oil produces a light purple color typical of many fullerene solutions.



Since Moussa's 2012 experiment where he fed fullerene in olive oil to rats and found that their life span roughly doubled, many companies have been marketing a dark-red liquid comprised of olive oil and fullerene.  It is likely that in many of these highly colored liquids, the fullerene is not completely dissolved and light scattering by the fine particulates are producing the observed color.