An ashless lubricating oil having a lubricating oil base stock as a major component, and a mixture of (i) at least one ashless antiwear additive, (ii) at least one ashless detergent, and (iii) at least one aminic antioxidant, as minor components. The lubricating oil base stock is a branched polyol ester. The lubricating oil base stock is present in an amount from about 30 to about 99.8 mass percent, based on the total mass of the ashless lubricating oil. A method for improving oxidative stability and high temperature stability of a lubricating oil in an engine or other mechanical component lubricated with the lubricating oil by using the ashless lubricating oil. The ashless lubricating oil is useful as a passenger vehicle engine oil (PVEO).
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