True compression ratio is a fixed mechanical value. By adding oil you may temporarily seal some air leaks and in that manner raise a percieved compression level. If your engine has lost compression there has probably been some damage ranging from scored piston/sleeve, broken or siezed piston ring (if equipped) or even a hole/crack in the piston. Might even be other factors too numerous to list here.

I guess the question is "Why do you feel a need to raise your compression?"

A direct answer to your question is: NO