Yes it is, as shown in the image above. Position one pencil vertically. Around its base place three more pencils as tangental spokes, so that each pencil touches one other with its eraser. Do this with a second layer atop these pencils, only slightly rotated around the axis of the first pencil.

We used erasers in to demonstrate that it can be done with unsharpened pencils. More than two hands may be necessary to build this structure.