Yes overdoing and adding too much oil to your hair can cause your hair to get a buildup of too much oil.
Too much buildup of oil in your hair can cause your hair to to become dull and greasy.
So you will do more harm than good by applying too much oil to your hair but as long as you just apply enough oil to your hair to get the desired results the oil in your hair will help improve your hair and not ruin it.
If you notice your hair turning dull or getting too greasy then you're using too much oil in your hair and should cut down on the amount of oil you use in your hair.
Applying oil to your hair once or twice per week or every few weeks is enough to keep your hair shiny and healthy.
You can use apple cider vinegar to help wash the excess oil out of your hair if you do get it too greasy and it becomes dull.
Even using plain white vinegar can also help remove excess oil and excess grease from your hair.