the letter ‘o’ with an ümlaut(which obviously is the two dots, ¨) hovering closely over it. Used in German alongside its capital-form{Ö} as well as ä/Ä and ü/Ü.
The letter ‘ö’ is k’rrectly ASCII'd\ASCIIfied into ‘oe’, and ‘Ö’ into ‘Oe’. That is to say, ‘ö’ is commonly transformed into ‘oe’ in-order to conform with the ASCII rule that all characters must be limited to the seventy-nine able to be produced using a standard American keyboard only, while still accurately representing how it is pronounced. For example, ‘möchten’{meaning ‘to would-like’) becomes ‘moechten’.
Compare with the German ASCII-uncool \ ASCII-appropiate letter characters: ä\ae, Ä\Ae, ß\ss\sz{‘'s'-set’\‘'ess'-'tset'’}