Can someone please explain? Thank you!
From a technical standpoint, these terms are largely synonymous. Both involve multi-rate (differing input to output sample rate) digital filtering techniques. It seems, although there is no rule about this, that for audio applications 'oversampling' is taken to be a power-of-two integer ratio (x2, x4, x8, x16, etc.) multiple synchronous technique, while 'upsampling' is an arbitrary ratio (x1.5, x3.15, x4, x5.7, etc.) multiple asynchronous technique. Oversampling is usally associated with the purpose of digital signal reconstruction, while upsampling is usually associated with digital signal asynchronous-sample-rate-conversion (ASRC). At their core, both typically utilize brickwall FIR filter engines.
A well known side benefit of ASRC is that it can enable very effective jitter suppression. Also, the fact that ASRC is often utilized in non-integer ratio rate conversion can produce distortion artifacts in certain situations, making ASRC controversial for use as a digital reconstruction filter. Some DACs utilize both ASRC followed by an oversampling digital reconstruction filter.