The invention relates to methods used in extracting oil from plants, plant fruits, and/or nuts, preferably fruits from plants of the family Arecaceae, or Palmae, even more preferably acai fruit. In some embodiments, the invention relates to methods of extracting the oil using an extraction solution comprising a volatile alcohol and volatile ketone. In other embodiments, the invention relates to oil from acai fruit and acai fruit by-products that contain enriched concentrations of phytochemicals.