Sure, but I personally recommend putting peanut oil in an opaque glass container because it can avoid light. The peanut oil in the glass container does not produce any chemical reactions, making it healthier. Many families like to put large barrels of oil into metal cans, but metal ions are catalysts for the oxidation and rancidity of vegetable oil.
Metal ions can accelerate the decomposition of hydroperoxides and promote the activation of oxygen into singlet oxygen and free radicals.