If you want a true ellipse that touches the four circles but does not cross any of them, then the diameter of the small circles must be less than or equal to one quarter of the large circle diameter (meaning that the minor axis of the ellipse has to be greater than or equal to half the large circle diameter).
Here, the red geometry is the edge case and the white geometry is slightly outside it. Red has one intersection with an end circle, white has three, meaning the lines cross:
Oval is a bit of an ambiguous term.
If what you want is the shape made up of 4 tangent arcs, you could use Curve>Arc>Tangent to Curves
then split the circles at these tangent points and join them together.