Oversee means to supervise, to watch over, to manage. Oversee is a transitive verb which is a verb that takes an object. Related words are oversees, oversaw, overseen, overseeing, overseer. Oversee comes from the Old English word oferseon, meaning to look down upon, to keep watch over, to survey, observe.
Overlook means 1.) to not notice, to fail to see 2.) to ignore intentionally in order to grant reprieve  3.) to pass something or someone over in favor of something or someone else 4.) to afford a view from above. Overlook is a transitive verb which is a verb that takes an object. In the United States, overlook may be used as a noun to signify a high place which provides a commanding view. Overlook appears in the mid fourteenth century meaning to examine, scrutinize, inspect, and also to peer over the top of.
Examples
Deputy Prime Minister Teo Chee Hean will oversee national security, while Deputy Prime Minister Tharman Shanmugaratnam will coordinate economic and social policies. (The Straits Times)
The Nevada Division of Insurance is asking a state court to place the Nevada Health Co-Op into receivership and appoint the state’s insurance commissioner to oversee it. (The Washington Times)
When Schools Overlook Introverts (The Atlantic)
All six overlook the 13th and 14th fairways of the Arthur Hills course at Todd Creek, they’re priced down to sell fast, and best yet, they’re ready or near-ready right now. (The Denver Post)
Don’t overlook tiny Maggie the Chihuahua mix at the West Valley Animal Shelter (The Los Angeles Daily News)
The trailhead for this new 2-mile spur is Green Mountain Scenic Overlook & Trailhead, a couple of miles north of Ferndale on Lake County Road 455, and currently a gravel trail winds down from the overlook about a quarter-mile to the old Tavares & Gulf Railroad railbed, which has been cleared to be the spur trail leading to Lake Apopka Loop Trail. (The Orlando Sentinel)