In this paper, we readdress the long-standing question as to whether the viscoelastic properties of multigrade oils can have a measurable effect on lubrication characteristics. To facilitate this, we first investigate the rheometrical properties of a number of multigrade oils with similar shear-viscosity responses. Specifically, we employ a Weissenberg Rheogoniometer and a Lodge Stressmeter to provide a measure of the normal stresses. We then investigate the behaviour of the oils in a journal bearing simulator. We find that viscoelasticity does indeed produce a measurable and beneficial effect on lubrication characteristics at the higher eccentricity ratios and that this effect correlates well with a characteristic relaxation time.