Below is a list of terminology that you may come across in regards to engine oil.
Viscosity
Viscosity is a measure of the oil's thickness/resistance to flow. There are 2 numbers in the viscosity rating - eg. 30W-50. The first number relates to viscosity at cold temperatures, and the higher the 2nd number, the more resistant it is to thinning. Within reason, thicker oil generally seals better and maintains a better film of lubrication between moving parts.
Generally, if viscosity is too low, oil can sheer and loose film strength at high temps. If too high, oil may not pump to the proper parts of the engine when temps are low and the film may tear at high rpm. So 10W-30 oil has less viscosity when cold and hot than does 20W-50. What's really important is that you use the oil viscosity your car's owner's manual recommends.
Multiviscousity
Multiviscous oils are one of the great improvements in oils but choose wisely - these oils are more prone to viscosity and thermal
breakdown due to the high polymer content. For an engine used fairly little, when oil changes are infrequent, multi-viscosity oils are important so that lubrication is adequate in either winter or summer. The rule of thumb when selecting a multiviscous oil to select one with the narrowest span of viscosity for the temperature you will use it in.
Viscosity Index
Resistance to thinning with increasing temperature is called viscosity index. This is a number that indicates the rate of change of viscosity for a given temperate range. Again, generally the higher the number the better.
This property of oil is a major contributor to the life of your bearings. And although a higher second number is good, the oil also has to be robust. For example, oil tends to lose viscosity from shear, the sliding motion between close-fitted metal surfaces of moving parts such as bearings. So resistance to viscosity loss (shear stability) is necessary to enable the oil to maintain the lubricating film between those parts.
Flash Point
This is the temperature at which an oil gives off vapours that can be ignited. Flash point can be an indicator of the quality of base stock used. The higher the flash point the better (this property affects volume of oil consumed by the engine).
Base Oil
The base oil is that which is used in the formula before additives are introduced to make up the entire oil formula. Both synthetic oils and petroleum oils can be made from paraffin base oils.
Paraffin
Paraffin is recognized as the best lubricating oils and offer a number of advantages over napthenic oils. High quality 100% paraffinic oils are the best type of base oils. Both paraffin and napthenic are types of petroleum oils.
Pour Point
More of a winter issue for climates where freezing is likely. Basically, this is a number indicating a temperature level when the oil is too thick to move. The lower the pour point the better.
% Sulfated Ash
This is a measure of how much solid material is left when the oil burns. Low ash seems to promote longer valve life.