Oersted is a lunar crater that has been flooded by lava, leaving only a crescent-shaped rim with a gap to the southwest. The rim climbs to a maximum height of 1.7 km. This feature lies to the southeast of the crater Atlas, and southwest of Chevallier. To the south-southwest is Cepheus. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.