Contrary to popular opinion, oxygen does not burn, nor explode. Oxygen *supports* combustion. You can't "burn" something without oxygen. An explosion is simply a very rapid production of gases that form as a result of combustion.
The more you can concentrate the substance that is burning and the oxygen need for combustion, the faster will be the reaction and the more it will look like an explosion. So from that regard compressing the volume occupied by the oxygen and explosive, the faster will be the reaction and the bigger the boom.
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Far be it from me to criticize fellow responders, but "the700" is "out to lunch". Oxygen is classified as an oxidizer, not as a flammable gas. The700 says, "O2 appears to be agnitable/explosive at any percentage." It will support oxidation (i.e. burning) but oxygen itself does not burn.
Look at this MSDS sheet for oxygen. Scroll down to "DOT classification" and read the label that says NONFLAMMABLE GAS.
http://www.airgas.com/documents/pdf/001043.pdf