You have seen Canola Oil, the only difference is it is called Rapeseed Oil in Europe.
Here is a Telegraph article that says that Rapeseed Oil comes from the Canola plant.
I am not sure if the difference is a matter of North American versus European usage or if it is because Canola is a trademark.
You can verify this for yourself. “Natural” Rapeseed Oil has a distinctive extremely bitter taste. Canola oil was specifically bread to have a fairly neutral taste.
Canola Oil also has very distinctive nutritional profile because of its breeding. Canola Oil is low in saturated fats, 6%, and high in monounsaturated, 62%, and polyunsaturated, 32%, fats. Canola Oil is also high in Omega-6 and Omega-3 fatty acids in a desirable 2:1 ratio. Canola Oil is also a good source of Vitamin E.
You can compare that to nutritional labels at your local store or compare it with these UK Rapeseed Oil producers.
Note the low saturated fat (half that of Olive Oil), high in unsaturated fat, good source of Omega-3 and high in Vitamin E.
Canola Oil http://en.wikipedia.org/wiki/Canola_oil
Canola Council of Canada http://www.canolacouncil.org/canola_oil_the_truth.aspx
Urban Legends http://www.snopes.com/medical/toxins/canola.asp