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At normal operating temperature it is a quite thick w40 grade oil - no fuel economy there. For fuel economy you would want 0w20 or 0w16.
The "0" part refers to viscosity at cold temperatures - and the lower this number is always better. Understand that 0(cold) viscosity oil at cold temperature is still thicker then warned up 40(hot) grade oil.
When Saab had all the issues with with sludge they specified Mobil1 0w40 not because it was this particular viscosity grade but because it was true PAO-based syntetic oil and would not decompose as easily as other Mobil 1 grades.
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