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When your oil light comes on, in any car, that means you have no or low oil pressure. Not having oil pressure is very bad for the engine, because it needs the oil for lubricating and cooling engine parts.
From your description, it sounds like you either have a plug oil filter or your oil pump is shot, but thats not the bad news, the bad news is if you ran it until you heard scraping noises, you have wreck your engine.
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