how long has it been since your last oil change?
And what weight oil are you using?
And before you decide to panic, check the oil pressure sending unit. it may need to be replaced. However usually when they decide to go, they either stop working altogether or the readings are far more erratic.
'93 500E black pearl/black leather; 89,000km; 245/45-ZR17 Michelin Pilot SX; 17x8.25 factory EvoII
'93 500E bornit(blackberry)/black leather; 69,000km; european delivery; 245/45-ZR17 Michelin Pilot SX; 17x8.25 factory EvoII
'88 560SL desert taupe/dark brown leather; 89,000km; Euro headlights
'87 190E 2.3-16 black pearl/black leather; 55,000mi; Euro headlights
'70 280SL white/red; 135,000mi (original); factory alloys; Euro headlights