The only part likely to be making a noise is the spinning rotor for winding the watch whilst it's on your wrist. This is on the back of the movement.
Unless this part has a lot of play in it and is contacting the case then it's just the bearings in the centre causing the noise.
These can be lubricated, but...you have the use a very light-weight lubricant which isn't going to reduce the noise the rotor makes significantly. It should be a tiny (minuscule drop on the end of a very fine needle) on just 2 of the bearings in the centre of the rotor.
If you over oil or use a thick lubricant then this will lead to trouble with friction and a build up of dirt on the bearings and eventually stop the rotor from turning efficiently.
Recommended lubricant is Moebius 9010 but this is expensive. Research an alternative.