Heat oil in a large saucepan over medium heat. Add cornmeal and saute, stirring constantly, for about a minute so that the grains are coated with oil. Add the broth and bring the liquid to a boil over medium heat, whisking all the while. When cornmeal comes to a simmer, it will bubble up vigorously. Quickly put a lid on saucepan, turn heat down to very low and cook the cornmeal until it no longer tastes raw, about 20 minutes.