O2 sensors only sense the presence of oxygen. That little amount of oil will just be burned by combustion.
Exactly - If anything, the oil might result in incomplete combustion and higher O2 - making the mixture look lean - same thing that happens when a plug is misfiring. The increased HC could make the Cat Converter run a little hotter, but again, the small amount is insignificant - even with low tank. I've added mix to my "04 GMC with no problem, no codes.