How do you effectively eliminate oil odors from the basement room where the oil take is located? The house is an older one (new furnace - old tank) . Should I use Oil Dri? Or what other agent will absorb the oil and hopefully the odor? Ventilate the room to the outside .... or seal it?

An oil fuel tank should not have odors, unless it is leaking or is not vented to the outdoors. It is (or should be) a sealed unit as far as the basement is concerned.
ET