The capacity is 8.5qts. when the filter is changed and it should be.
The proper oil is a premium synthetic oil, API rating SJ/CF or higher--such as Mobil 1---there are many others that work just as well. BMW specifies 5W-30 except in extreme conditions.

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X5 4.6 2002 Black Sap, Black interior. 2013 X5M Melbourne Red, Bamboo interior
Dallas