Back Rubs And Body Works

Olive oil gets rid of body hair?
Well I heard that rubbing olive oil while taking a hot shower on body hair will get rid of it, so I decided to try it, I only took a small portion of leg though, and to my surprise it worked. Will it have any side-effects? Also will the hair I just got rid of grow back?
I did read read that ancient Romans used to bathe their children in a bath of olive oil to remove all body hair. However I am sceptical as olive oil is a skin conditioner and used in shampoos.
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