Brian Talbot's men left London Road in possession of a point after shutting out a home side that had jumped into the play-off places following a productive turn of the year.
But this contest was ruined as a spectacle by truly atrocious conditions as the combination of a howling wind and shocking surface made life incredibly difficult for both sides.
Oxford actually had the ball in the net when Steve Basham slotted home from close range midway through the second half, but his celebrations were cut short by a raised assistant referee's flag.
Defender Chris Willmott's forward launch caught a freak gust of wind and forced home keeper Mark Tyler into a testing save under his crossbar.
The Posh man injured himself in the process and could only lay prone in his net as Basham gratefully guided the rebound past him before being adjudged to be offside.
Basham was also involved in the attacking flashpoint of the second period when bursting into the box to latch on to a Barry Quinn pass, but the former Southampton forward fell to the deck clutching his face following an innocuous collision when presented with a shooting opportunity.
Quinn had been close to breaking the deadlock when denied by a last-ditch Mark Arber tackle inside the opening 20 seconds after French forward Eric Sabin had wrestled possession from Sean St Ledger.
At the other end Posh rarely threatened. Northern Ireland international striker James Quinn played a pivotal role in the smartest move of the opening half before being unable to get a header following an Adam Newton cross on target.
The big frontman went closer after the interval when seeing a clever hooked effort swept off the line by Oxford defender Lee Mansell with keeper Chris Tardif stranded.