Mitsubishi advises using a API classification with service SG or higher for a CH, as to viscosity depends if you live (ie if its snowing / cold /freezing ) or like most of australia temp varies between hot and hotter.
A SAE 15W-50 or an SAE 15W-40 is good for between -15 degrees Celsius to +50 degrees celsius.
I have been using the genuine Mitsubishi oil Part number AW349163 for 12 years, its a 15W-50 API SM/CF class, comes in a white 5lt container and much to my surprise only costs around the $30 mark from mitsubishi dealers, its recommended by mitsi for many of its engines, perfect for 4g94 and many other models including es/vrx/and turbo ralliart.
An oil's viscosity is just how thick it is. Viscosity is measured by an oil's "weight" Way back in the "Old School" had 30 wt (weight) oil which was suitable for the average early holden/ford. This is a single grade oil, its actual viscosity varies with temperature. A single grade oil gets thinner when hot and thicker when cold. Multigrade oils have labels like "10w-40" or "20w-50". Their thickness changes with temperature also, but they change the opposite way from single grade oils. A 10w-40 motor oil behaves like a 10 wt oil when cold and behaves like a 40 wt oil when hot.
Generally a thicker oil will withstand more abuse, however thick oils can take longer to reach engine parts when the engine is started. In cold climates a thinner oil (lower "wt" number) is often used to compensate for this. Engine startup is when most engine wear occurs: it runs for a second or so without oil pressure every time you start it.
Manufacturers are using thinner and thinner oils in cars now (5w-30 wt is recommended for many new cars.) This is primarily for fuel efficiency. It's usually OK to use a thicker oil than this, but I'm not sure it really helps things. Some higher mileage engines consume more oil of the lower viscosity types: if your engine use just under a litre every 1000 miles you might use a higher viscosity than recommended by the manufacturer.
Like donki previously said, its best to stick to the recommended variations that the manufactures say for use in factory engines.