Gary Rowett's side were not expected to get much out of a game against an in-form team that came down from the Premier League and they only had 27% possession over the 90 minutes.
But they more than matched their opponents after Davis' equaliser and could have won by a bigger margin.
Ole Romeny fizzed one just past the post, Tyler Goodrham was denied by Walton and De Keersmaecker fired wide from the edge of the area.
Meanwhile Kieran McKenna's Ipswich must refocus on their push for automatic promotion and an immediate return to the top flight.
After a slow start to the campaign this was their first defeat since 21 October and the next couple of weeks could go a long way to defining the Tractor Boys' season.
Following next Tuesday's rearranged trip to Blackburn, they host leaders Coventry and second-placed Stoke in the space of five days.
Oxford also face a crucial pre-Christmas period. They visit the teams either side of them in the table - 20th-placed Swansea and Blackburn, in 18th, in their next two matches before hosting Preston.