Do you mean ignore ? overlook also means supervise, inspect , which the other don't
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Grammar GeekMarius, I think you mean "oversee" - that means supervise. In my experience "overlook" is when something escapes your notice.
Oddly, though, "oversight" can have both meanings: Sorry about that - just an oversight on my part or Jim will have oversight of this project going forward.
Grammar GeekDo you think it could be one of those BrE/AmE things?Well, it is in both Merriam-Webster Unabridged, which I think is mainly AmE (but carefully indicates BrE usage), and in the Shorter Oxford English Dictionary, which is mainly BrE (but carefully indicates AmE usage).