Nottinghamshire captain Chris Read shook hands on a draw at 5pm as rain affected the final day of play at The Parks.
Oxford UCCE had reached 217-4 chasing 452 when rain forced the players from the field. An opening stand of 60 and a personal tally of 71 from Agarwal gave Oxford a solid start in what became a day of match practice for the Nottinghamshire bowlers.
Andy Carter and Steven Mullaney each picked up a wicket after the Oxford opening pair were both run out.
The Nottinghamshire players will address the media on Tuesday and have a final practice on Wednesday ahead of the first match of their LV= County Championship campaign against Hampshire at Trent Bridge.