I think oil supplements are good for older horses, but I don't know about youngsters. Youngsters need specific nutrients to fuel their growth, not just extra calories.
So, just my personal opinion, I would get a feed made for growing horses. I was feeding Purina Ultium Growth for a long time, and my foal thrived. It was expensive though, and my baby was bouncing off the walls, so I ended up cutting it out of his diet. But for a baby that needs to grow, I would highly recommend it.
Also, I'm not sure what kind of hay you have, but alfalfa is very good for young horses too.
PS. Foals need higher amounts of protein than the 10% sweet feed is providing. Unless you know your hay is very high in protein, that is another reason to pick a feed formulated for young horses.