Several modern power production systems utilize supercritical CO2 (sCO2), which can contain O2 and H2O as impurities. These impurities may degrade the compatibility of structural alloys through accelerated oxidation. However, it remains unclear which of these impurities plays a bigger role in high-temperature reactions taking place in sCO2. In this study, various model and commercial Fe‐ and Ni‐based alloys were exposed in 300 bar sCO2 at 750 °C to low levels (50 ppm) of O2 and H2O for 1,000 h. 18O-enriched water was used to enable the identification of the oxygen source in the post-exposure characterization of the samples. However, oxygen from the water did not accumulate in the scale, which consisted of Cr2O3 in the cases where a protective oxide formed. A 2wt.% Ti addition to a Ni-22%Cr model alloy resulted in the formation of thicker oxides in sCO2, while a 1wt.% Al addition reduced the scale thickness. A synergistic effect of both Al and Ti additions resulted in an even thicker oxide than what was formed solely by Ti, similar to observations for Ni-based alloy 282.