After stopping at a signal the car could not accelerate. Can run only 5mph and started flashing dash lights. Pulled over and stopped the car. Not able to start after that. It shows 3 light when I try to start (oil pressure, Check Engine and Battery). Tested battery with a volt meter and it shows 12.something volts. WHat could be the problem?

 

Sounds like your car went into 'safe' mode. I would suggest getting the codes read to narrow down the possibilities. If you do not own an OBD 2 scanner, there are some parts stores that rent them for pretty cheap.

 

OBD 2 scanner could not find any code stored. Checked the battery at advancedautoparts and it is ok.