HTTP Error 407 is an Proxy Authentication error. This means you may have a typo in your username or password of your proxy.
HTTP Error 407 can also be cause if you have the incorrect IPv4 authorized on your Oculus plan. You can refer to our guide here for authorizing your IP - https://support.oculusproxies.com/hc/en-us/articles/23117548799643-Integrate-your-proxies-into-any-script
Oculus's plans all have a unique username & password which is required to make the connection. Please double check you entered the right username & password