Probably, though I've never used that brand. I was searching for a fuel resistant sealant for my tank access covers, & found Permatex Permashield Fuel Resistant Gasket Dressing and Sealant.
(pause to breath...) part number 85420. Label says 'resists common automotive fluids, including gasoline, diesel and ethanol. Surely motor oil is an automotive fluid. :-)
Pulled it out of the drawer to get the #, & it says, 'Compare to Hylomar Universal Blue'. I know it's magic on fuel tank access panels. I've had more proseal leaks since I repaired the tanks on my -4 over 2 years ago, but the Pemashield on the cover has never leaked a drop. And it stays soft & sticky, so you can peal off the cover at any time.
Maybe Tracy will jump in with a more authoritive recommendation.