it seems to be that its a oil obtained from refining of palm oil is rich in monounsaturated fatty acid and antioxidant vitamins and is widely used as oil in diet in many parts of the world including India. http://www.biomedcentral.com/1471-2210/4/29
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Yes, palmolein oil is halal and it is the halal certified cooking oil. Any kind of oil is lawful on condition that it doesn't contain pork fat products, or developperd unhealthy breakdown products due to rancidity.
Yes, Palm Olein is a safe edible oil often used for frying foods. It is a liquid oil derived from processing palm oil. Like any other fats it should be consumed in moderation. There is some concern by medical professionals about it's inability, as previously thought, to lower LDL cholesterol levels. see attached article.