Few things to check out. First like stated above is the scfm. The amount of pressure it can deliver in one minute.
For example my impact wrench, when we look at requirements says: SCFM 4.8 @ 90 psi.
In other words, you need a compressor that can deliver that amount or more to be able to be fully functional and give out the maximum torque that the gun was made to deliver. Mine is a 22 gallon compressor which delivers 6.5 @ 40 psi and 5.1 @ 90 psi and 120-130 psi max. so I'm good.
Second: Gallons. The more gallons, the longer a tool can be run before the tank motor has to start up to fill in air again, and reuse.
My opinion: I find at a least a 25ish gallon is the minimum for automotive usage with an impact wrench.
Anything smaller might show that it does develop the minimum scfm your air tool requires but doesnt have enough storage of air to run it for a long period of time. Dont fall for those pictures you find on some 10 gallon tanks showing a guy working on his car. It will run the impact wrench but just enough to take a lug off your wheel for the motor to start up and fill up the tank.
When it comes to air tools like spray gun, small reciprocating saw, screw drivers, ratchets, nailers you need a good 25 gallon tank to run them continuously without having to stop. The tank might run out of air, and the motor might start up, but the motor can deliver the air necessary to keep the tools running. Impact wrenches you can run on any 25ish gallon tank since they only require short bursts of power which you dont normally hold for more than a few seconds.
The only things are die grinders, chisel, large saws, drills, cutting tools, sanders which require a good 50 or more gallons to run continuously. and like kranked said, even with a 60 gallon, the motor might still start up to keep pumping new air.
Oil or oiless motor. Wtv. There's debate over these things. Oiless motor will require 0 maintenance. However, it will be louder when it runs. Oil running motor will be quiter and require you to change the oil every so often. It will also run cooler and probably last longer.