I have an oval picture for which I would like to make a frame. I can
draw the oval

As I see it there would be two parts in cutting the oval.
----- The oval cut that would eventually frame the picture.
----- The rabbet cut to hold the picture.

I have the following tools available to me:

1. Table saw (I have no idea how this could be used)
2. Standard size non plunge router with router table.
3. Dremmel with spiral cut bit and other router bits.
4. Jig saw.
5. Drill press with brad point and Forstner bits.

Can I get suggestions making the cutout for the picture.

Finishing the outside edges is obvious.