1995 Ford Thunderbird oil

Warranty problem
1995 Ford Thunderbird V8 Automatic 143051 miles

The check engine light is on and every time I stop at a light, or stop sign the oil level light dips into the red level, and the red check guages light pops on. As soon as I release the brakes to pull off it goes back into the normal range, and the check guages light goes off as well. It also does this when I slow down to make turns. I got an oil change done on April 17th. Of this year. The oil is full, and there are no leaks, as far as I can tell. What could be the cause of this? Need tune up0