Olive Oil for Dry, Flaky Skin

It's October now and the weather has started to get belligerent towards the skin. The absence of moisture in the air, meaning it would absorb existing water from the skin, definitely made my skin feel itchy, uncomfortable, and rash-prone (you know the tiny red dots that look like ruptured blood vessels). I tried using Aveeno, Neutrogena, and Nivea to keep my skin moisturized especially after taking a shower, but the effect only lasted so long as my clothes haven't rubbed and stripped the creams off my skin.
Two days ago, I went to Home Plus, a local Korean supermarket, and tried out one of the skincare tips I read online: slathering olive oil to the skin would make it feel supple and moisturized for a longer time than paraben-infused lotions. For just under 6,000 won (around 5.50USD), I could practically rid my cabinet of moisturizers as a bottle of extra virgin olive oil would do pretty much all the moisturization I need.
It's my second day using olive oil and I've noticed that the skin on my arms and legs has lesser fine lines due to dryness. The complexion too has improved from being dry, pale, bambooish white to somewhat pinkish-white. I could swear on olive oil for its benefits!
Korean winter, bring it on!