Olive oil causes acne breakouts for most people. The molecules are larger than the pores of the skin. Plus it's too heavy for the face, you will be very oily from it. Coconut oil absorbes easily and is anti microbial and anti bacterial. Olive oil is not.
Also, be careful about which olive oil you use; I have heard that there are a lot of 'extra virgin' olive oils that are of poor grade, have seed oils in them, or are vegetable oil tampered with to pass as olive oil. I can only imagine how bad they might be for skin.
It is said that good quality olive oil is greenish of itself and is not a clear liquid. It has to be filtered to be clear. Also it should have a sharp edge to its taste.