Topical oxygen in skin care is also useless — your skin simply doesn't have an aerobic metabolism!
In fact, the presence of oxygen external to the skin is what produces free radicals, the very things antioxidants and sunscreens attempt to stop with the aim of limiting skin aging.
Oxygen is highly reactive and cannot be included in a skin care product in a pure state — the closest thing is benzoyl peroxide, a bleaching and anti-bacterial agent used in short term juvenile acne treatment (and Proactiv's claim to fame), which kills acne bacteria by oxidizing its fatty acids. Reactions occur in around 10% of cases.