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Old engine tend to wear piston ring in time,if you use wrong viscosity grade oil ,during idling the oil could not reach all moving parts because there is no enough oil pressure in the system,try 30/ 40 oil grade .
check that the oil level is not over the mark as this causes foaming of the oil and loss of pressure. At 80km/hr you will be doing around 3 grand and that will be enough to whip the excess oil into froth.. Too much oil is worse than too little oil.
Prognosis is really bad, hate to tell you. Ticking comes from the valve lifters, losing lubrication due to lack of pressure and running dry. At redlights, when revs are at idle, oil pressure drops a lot, and engine really suffers. Have the vehicle taken immediately to a shop for proper diagnose and to see if engine can still be saved. The loss of power comes from the valves not actuating properly. Hydraulic lifters need oil at a decent pressure to "charge" , and if not charged, they will stay compressed, ruining valve lifting operation.
if the engine is running fine and no loss of power and no noises i would suggest repplacing the oil pressure sensor,chryslers have had the same problem for years,what happens is the sensor itself starts leaking oil internally and will ebentually start coming out if the connector and that means that the sensor has been compromized,hope this helps