Disclosed herein is a lubricating oil composition comprising a) major amount of a base oil of lubricating viscosity; b) from about 0.1 to 10 wt % of an overbased alkaline earth metal alkyl aryl sulfonate detergent having a total base number (TBN) of about 25 to 500; c) from about 0.02 to 10 wt % of a oxymolybdenum-containing complex of a nitrogen-containing compound; d) from about 0.1 to 5 wt % of a friction modifier; and e) from about 0.2 to 10 wt % of an antioxidant selected from the group consisting of a diphenylamine type, a sulfurized ester-containing compound and mixtures thereof; wherein the total concentration of the oxymolybdenum-containing complex and antioxidant must be at least 1.3 wt %, based on the total weight of the lubricating oil composition and wherein the phosphorus content of the total lubricating oil composition is 0.08 wt % or less, based on the total weight of the lubricating oil composition.