I am also a huge fan of oil-cleansing, though I have the opposite problem as you (acne-prone skin, despite being over 30 :-P)
I use a mix of 30% castor oil, 30% grapseed, 40% safflower, with some drops of tea tree and lavender for cleansing (massage on for 2-3 minutes then remove with a hot steamy towel), and then a safflower/argan/rosehip mix to moisturize. It's amazing how well this works (slightly better and certainly no worse than all the expensive products I used to use!). I have been doing it since February and am still playing with my concoctions - I just bought apricot oil, which is supposed to be very moisturizing, and vitamin E (in safflower oil) to add to my moisturizer. I've also added a toner (witch hazel and aloe vera) and some hyaluronic acid into my routine, but if you have dry skin, that's probably unnecessary.
My friends with dryer skin who use the oils - especially the ones with no acne issues - use a mix of castor and olive oil. Some us as little as 10-20% castor oil - the castor oil is what does a lot of the "cleansing", so most people can't get away with not using it, though if you have very dry skin you may be able to.
I use grapeseed and safflower as my non-castor oils because they are non-comedogenic, but options for dry skin include olive, avocado, apricot, almond, jojoba, argan, rosehip... go crazy
(argan and rosehip ARE more expensive, so I just use them as additives). Lavender helps decrease inflammation and tea tree is good for killing off nasty bacteria.
Just like stripping your hair, your skin needs some of those natural oils, so if you're really dry, you may try the oils as your primary skin care regimen. I think of it as going CG for the skin