Yes, if you don't overdo it. Olive oil tends to be on the 'heavy' side. If you do a leave-in conditioning, use only 1-2 drops. A few more drops can be used if you plan to shampoo it out in a matter of hours.
Oil makes hair easier to manage, in my experience. It also helps when you're trying to detangle, or keep your hair moisturized during the wintertime. It also slows braids from getting really messy really fast.
Hugs Anais
edited to add: Oil, like anything else, is not a miracle treatment. More information on oiling can be found here, here, here, and if you search for "oil" in the subject line of threads.
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