Why is acetone soluble in oil and water?

Hint: The Acetone is an organic compound having formula $\left( {C{H_3}COC{H_3}} \right)$. The other name of acetone is propanone and the (one) prefix is there because it belongs to the ketone family. It is the smallest of all ketones present in organic chemistry. It has a pungent odour. It is highly flammable and volatile liquid. It is colorless also.

Complete answer:
Oil is a non-polar solvent and water is a polar solvent. Despite this, acetone is soluble in both of these solvents. As we look into the formula of acetone it can be seen that it has two methyl groups. These two methyl groups interact with the oil with the help of dispersion forces as the oil and both methyl groups are non-polar in nature. Due to the presence of a carbonyl group which is polar in nature form the hydrogen bond with water as water is also polar. It can also make dipole-dipole interactions with other compounds.

Note:
Acetone is produced and disposed of in the body through metabolic processes. It is mainly present in the blood and in urine also. It has a great use in our day-to-day life such as in industries, as a solvent, acetylene carrier, chemical intermediate. It has its importance in chemical research also. It is used as a glassware rinsing agent for removing residue and solids. When mixed with dry ice, it becomes a cooling bath that has a temperature of$ - {78^0}C$. It also has a role in the medical line.