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5w40 may be a bit thicker than ideal for street driving. Definitely not too thick as it's an approved weight in some brands, but a 5w30 or 0w30 should give you better protection on cold starts, reportedly when the most wear occurs.
Like others said, the BMW branded oil is pretty good.
I believe changing the oil more often than 15k intervals is more important than which brand of oil you choose, provided the oil you choose is an LL-01 approved oil or at least a high quality equivalent.
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