Can I Use Canola or Peanut Oil to Grease a Cake Pan?

I generally use butter to grease cake pans but I am out of it and don't want to run to the grocery store just to purchase one product. I don't have any crisco shortening but I have canola and peanut oil. Can I use oil to grease cake pans? If I can use oil, will I still need to sprinkle a little flour to coat the pan? Thank you.