Hi Vernon
Having had a bit a think about this Oiler with the pump washer facing upwards there may be one way valve in the discharge to the oil drip feed piping as well as the oil control valve.
When the top of the top up the pump chamber is filled with oil. Pushing down the plunger will create negative pressure and pull the oil past the pump washer being by restricted-throttled or blocked by the one way valve.
The spring will maintain the oil supply until it reaches the top of it's stroke.
Hope this Helps
Eric