As I understand engine oil, there are anti-wear and detergent additives that get "used" up and fresh oil is needed to replace them. I've also read that as these additives get used up, they create a byproduct that is harmful to bearings and certain metals (possibly the acid mentioned above). Oil also gets thicker with use so that eventually, you'll be outside of your weight recommendation.
For a question like this, I'd recommend bobistheoilguy.com as they have a huge knowledge base and likely have petroleum engineers that can definitively answer the question.
For example, here's a couple copy/pastes straight from the site that talks about the diminished quality of used oil.
"Oil has 3 states of lubrication, hydrodynamic, mixed film, and boundary(barrier). The best is hydrodynamic which is nothing more than a flow of oil separating two mating surfaces. After a period of time shearing, the oil will lose it’s ability to hold up to the same flow as before since the VI Improvers are breaking down causing the oil to thin down in grade. Once this happens, there is less film strength between the mating surfaces so it doesn’t take as much for the oil to shear, therefore creating more heat which attacks the base oil even more and then starts to cause the oil to thicken up due to the excessive levels of heat and the broken down VI Improvers become a contaminant which added to the existing oil will continue to thicken and ultimately cause sludge if not changed in a reasonable time."
"Engine lubricants are generally used to reduce friction between moving parts within the interior engine. In addition to the lubricating function, motor oil also serves as a coolant, corrosion protector, and method of removing contaminants from the engine filter. In other words, motor oil holds the same importance to an engine that blood holds for humans. Loss of any essential function of the motor oil will lead to serious engine damage if not treated. Through the oxidation of motor oil, its essential functions are destroyed. This degradation usually begins to cause severe engine damage.
As lubricants degrade, their physical properties (e.g. viscosity) change, leading to increased friction and wear. This degradation is primarily due to base oil oxidation. Oxidation is due to free radical attacks against the base oil’s chemical composition. Base oil is the petroleum component of the lubricant. Generally, the base oil comprises eighty percent of the lubricant, with the remainder being additives."