I wouldnt use Olive Oil on wood utensils or cutting boards.. It can go 'rancid' (oxidize) and support bacteria. Better is Mineral Oil or Linseed Oil (AKA Flaxseed Oil, or Flax Oil - NOT woodworking Linseed oil! It contains heavy metal dryers ), a combination of both, or Mineral Oil mixed with a little Beeswax.
Yeah I know that can happen, but I've never had it go off on wooden utensils. They get much too much cleaning around here for the oil to really even stick around. I wash stuff like those in a hot and soapy 40% bleach solution. Gl with that going bad. ;-)
I appreciate it though.