I'd go for a powder like Bare Minerals in matte to help absorb the oil and it won't cause you to break out.

I agree with @GoodFaith that BareMinerals is a great choice for you. I have it and love it. A few other options for foundation for oily skin are Clinique Acne Solutions Liquid Makeup and Maybelline Super Stay. Carry some oil blotting papers for touch ups. Clean and Clear Oil Blotting Papers are fabulous for taking away the shine....you can pick them up at any local drugstore.

I would recommend a cleanser that says it's specifically for oily skin. If you have breakouts, you need to be exfolitating with a face scrub every three days. I would also suggest wiping your face with Witch Hazel, every night before bed. The absolute best foundation for you, is a mineral foundation. The minerals come from the earth, the hottest sweatiest place there is, so they're designed to absorb your skin oils. You can even sleep and exercise with it on, because the molecule is so big, it doesn't clog pores. If you try to exercise with regular foundation, it starts dripping down your face. One to try: www.bareminerals.com

Have you tried a home Airbrush make-up system? the are very nice for covering and looking natural. go to: www.streamcosmetics.com/airbrushtimri