Put oil and popcorn kernels in a large pot over medium-high. When the first kernel pops, cover the pot and remove it from the heat for about 30 seconds.
Place pot back on the stove and once kernels start popping, vigorously shake the pot back and forth, keeping it on heat. Once popping slows, take pot off the heat and remove cover. Put popped popcorn in a large bowl.
Put candy melts in a microwave safe bowl and place in the microwave for 1 minute at 40% heat. Stir mixture with a spoon and then repeat regimen at 30-second intervals, stirring in between each one, until candy melts are fully melted.
Drizzle candy melts over popcorn and toss with crumbled Oreo Cookies and sprinkles.