First, check the oil level (as you did). If low, add immediately. If car is relatively new, your PVC valve may have stuck open drawing the misted oil to the intake and burning it with very little tell tail smoke, this would resolve missing/low level oil issue. If you don't understand the system, take it to your dealer. You could loose the engine with low oil pressure. Most pressure sensors open at 5PSI turning out the light on your instrument panel.
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