Yes, if you know the bulk modulus of the oil. The problem is that no two crude samples are exactly the same, so getting a bulk modulus can be difficult. You can come close by doing a mass average property calculation since the bulk modulus for each component in crude is published somewhere.
if you are able to characterize the oil you can calculate isothermal compressibility k = -(1/V)*dV/dp with a equation of state as SRK or PR (my usual approach with tools as Prode Properties), or the bulk modulus (the inverse of compressibility) as suggested by zdas04, differently you could use generic correlations, see for example Vazquez and Beggs correlations for fluid physical property prediction or Al-Marhoun the coefficient of isothermal compressibility of black oils, there are many different methods and I can't recommend one.
Here's your excuse. Its usually not taught in schools; more of an on the job learning subject. It is infinitely easier to teach using the theory of ideal uncompressible liquids, kind of like learning statics with Newtonian, rather than relativistic physics.