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Just how much are you loosing?
According to Volvo, the 850 can consume up to .5 quarts every 5000 miles (or is it 3000? If you want, reply and I'll put the accurate numbers up. Don't have them with me right now).
After replacing the seal, do you still see oil leakage?
The seal on the filler cap could be causing the problem alone. It is a common reason for oil under the spark plug cover.
What about compression? You could be loosing oil through the spark plug openings. Not likely if you don't notice a decrease in performance and a check engine light.
I had a mechanic check my oil level during routine maintenance, and he didn't put the dip stick back in properly. Later that day, I noticed the smell of burning oil. Oil splurged out the dipstick all over the top of the engine. It took me nearly 3 hours to get the varnish like oil off the engine, with tonnes of degreaser.
It's good that you are checking on the oil level frequently right now. Keep doing so until you are certain you aren't loosing oil anymore. BTW, are you using a lint free cloth and NOT paper towel to wipe the dipstick? Fibres from the paper towel get into the engine, so use a lint free cloth.
Regarding the "valve for extra pressure," can you be more specific? Is he talking about a crankcase valve, flame trap, etc.
Sometimes, excessive crankcase pressure occurs creating positive pressure in the engine in areas not intended beyond threshold that forces oil through seals.
And sometimes, a deteriorated/dirty flame trap causes oil to spew into the intake.
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