Once you know the engine size, look for the recommended oil viscosity and specifications in the owner's manual. It will list the recommended weight (like 5W-30 or 10W-40) and may specify API certifications (like SJ, SL, SM, etc.). Newer certifications are generally better, but staying within the manufacturer's recommendations is crucial.
In general, for a car that old, a 10W-30 or 5W-30 oil meeting at least the SL API certification is a good starting point. However, always check your owner's manual for the exact specifications recommended by Ford/Mercury. Using the wrong oil can damage your engine.
After you find the recommended oil type and weight in your owner's manual, you can then choose a brand name oil that meets those specifications. Many brands offer high-quality oils at various price points.