The Premier League side lost 2-1 to West Ham United away from home on Monday night.
The result keeps them in the bottom three, but O’Neil feels that it is the result of selling top quality players over the years, not his coaching ability.
He stated to Sky Sports: "People above me are supportive, but the supporters want their club to be successful. I understand it's my team and I have to take responsibility. But when I arrived at this club, they had just collected 39 points in the Premier League. Since then, we have managed to make £200 million in player sales.
"We've sold an awful lot of Premier League players - if we go back to Ruben Neves, Joao Moutinho, Adama Traore, Diego Costa, Raul Jimenez, Max Kilman, Pedro Neto. We are not shopping in that market anymore. We are trying to find young ones.
"I am really proud of them. But I can only ask them to give what they give and they are giving everything. They hate the position we are in. And I am right there with them. We won't give up and we will keep working."
He then added to the BBC: "I will try and go in and have a chat with them (officials) to get their thoughts on how it ended up where it was. It’s not going to help us. We need to find way to turn the game in our favour. A combination of us not quite doing enough and the decisions go with West Ham, we leave with nothing.
"They definitely haven’t (players lost faith in him) we are together. I give them big credit for that, they know the situation, they know the situation at the football club, they know some of the difficulties we face. Me and the players are 100% connected in trying to do as well as we can. At this moment it isn't quite good enough. There is a long way to go.
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