Oxygen-free copper prevents brittle solder joints
After soldering on a connector, such as an RCA plug, to a cable, copper can become brittle where it was exposed to high temperature. Oxygen-free copper minimizes or eliminates this problem.
Look in the Audioholics article titled
Component Video Cables - The Definitive Guide. It's long, but has a lot of good information that applies to more than just component video cables.
Look at Section 3.1
Conductor and Ground for a brief discussion of what oxygen-free copper is and why the industry uses it.
The fact of the matter is that OFC copper and pure unalloyed copper, both oxidize at around the same rates. Some cable manufacturers use the OFC as an advertisement that it will not oxidize, or it will oxidize less than other copper conductor materials, but there is no truth to these claims.
Note that the copper industry did not develp OFC for audio use. It is most commonly used in plumbing for water supply pipes where joints are made by brazing or high temperature soldering. I was once told that OFC was first developed for use in the copper windings of large electric power generators. Non-OFC copper in these windings would fail after prolonged exposure to heat, vibrations, and high g forces. I don't know if that is really so, but it sounds reasonable.