Yes oversleeping does and can cause dark circles to appear.
When you oversleep you can experience dark circles and although oversleeping seems like the best thing for your health oversleeping is actually worse for your health and your skin than just sleeping the normal amount of hours.
Being tired, fatigued or even staying up too late and not getting enough sleep at night can also lead to dark circles as well as eye bags.
You can help remove the dark circles by applying some warm tea bags or applying a cold compress as the cold compress will help get rid of the dark circles by reducing swelling and shrinking dilated blood vessels.
Make up when applied to the dark circles can also help conceal the dark circles although it does not make it go away.