Oleic acid will oxidise in the presence of air, and this is definitely speeded up by heating. Commonly I would expect the formation of hydroperoxides, peroxides, ethers, ketones and alcohols as initial species with, formation of oligomers and also degradation to produce smaller organic compounds. These processes are also catalysed by redox-active metals at room temperature.
To look at it another way - oleic acid isn't really a special case - many organic compounds would decompose in air at the sorts of temperatures that you are using: fundamentally you are burning the compound. It is just that you haven't quite got enough energy in the system to start a self-sustaining oxidation (fire).
I'm not sure exactly what you are trying to achieve by heating oleic acid with trifluoroacetate but performing the reaction in the absence of oxygen will definitely have an effect. For most processes, using a nitrogen atmosphere should be sufficient for this task.