Like they said, try changing the oil in the machine. But the main thing you need to do if you feel you are loosing oil is, a compression test.
"Testing the compression of an engine allows you to check the condition of the top end without a costly tear-down. For this reason, a compression test should be performed as one of the first steps in any tune-up. There is little point in adjusting your jetting when you have a bent valve or worn rings."
Instructions:
You will need a compression gauge with a 12 mm adaptor to test your engines compression.
1.Remove the sparkplug.
2.Install the sparkplug adaptor paying particular attention not to cross-thread it.
3.Attach the compression gauge to the 12 mm adaptor.
4.Turn the ignition switch to the ON position, hold the throttle wide open and crank the electric starter until the needle on the compression gauge stops rising. Compare your reading with specification.
(Specification for compression is 686 - 883 kPa or 100 - 128 psi)
A low reading is a possible indication of tight valves, damaged piston and piston rings, poor valve seating, leaking cylinder head gasket or a worn-out cylinder. Check that your compression tester connections are not leaking and are properly tightened. Pour a few drops of fresh engine oil into the sparkplug hole and recheck the compression. If the compression increases that is a good indication that the cylinder and/or the piston rings are worn. If the compression remains the same you will want to inspect your valve clearances. See the Valve Adjustment topic for more information.
If your compression test reveals a high reading it is not necessarily cause for alarm. Is the engine stock? If you are running a high-compression piston or the head has been milled you will get higher readings than specification. If the engine is stock, a high compression reading could indicate excessive carbon build-up on the piston crown and/or combustion chamber.