First of all, we have to understand what is Gross Domestic Product (GDP). GDP is the measure of total value produced by the country.
US GDP is reported monthly; therefore, there are three reports for each quarter (advance, second release and final). However, the reported value is adjusted for inflation. For example, the GDP value is measured 5% higher than the previous year, but the inflation is measured 1% over the same period, so the GDP reported will be 4% (5% – 1%).
In this way, GDP reported actually tells us the inflation as well. The higher the inflation, the lower the GDP reported compared to the forecast. Inflation simply means weaker currency.
In simple words,
Higher GDP than expected — bullish for US Dollars
Lower GDP than expected — bearish for US Dollars
So, again, impact on US Dollars can have impact on oil price as well indirectly. Typically, high GDP (stronger USD) will plunge the oil price, but high GDP sometimes might raise the oil price. This is because significant high GDP simply means greater economic growth, in other words, the oil demand increases as well, so it might be bullish for oil price.
Therefore, there are too many possibilities while indicators are just a reference, trading should not depend solely on those indicators.