Those oil pressure readings are not acceptable for that engine. If you suspect the gauge is faulty, it is common for the oil pressure sender to fail. You could try either hooking up a mechanical gauge or putting in a new sender unit.

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Ali Al-Chalabi

2001 CLK55
1999 Dodge Ram 2500 Cummins Diesel
2002 Harley-Davidson Fatboy
Merlin Extralight w/ Campy Record