The Brazilian midfielder has started all four of the Blues' Premier League matches thus far and has been instrumental in their undefeated beginning as a key performer between defence and attack.
Conte said of Oscar's role: "Last season Chelsea conceded 53 league goals. I was thinking of this situation.
"Now, we have found the right compromise between defensive and offensive situations.
"Oscar is a good player, great technique, and can do both facets: both offensive and defensive.
"He's an important player for Chelsea."