Volvo: 1998 Volvo V70 R, volvo v70 r, 1998 volvo v70

Question
Recently my ABS light has come on and my Tracks off light on the dash board has started coming on and off. I was driving down the hiway and some sort of oil started spitting out driectly under the car where the dash is causing a stream of smoke behind me that smeeled really bad. The oil that spit out was jet black. The car could be driven still but made a high pitched whinning sound as we accelerated and whinned down when decreasing. What could this be?  

Answer
Jean,
The ABS light and the tracs light mean there is a fault code in that system that will need to be read and repaired. More than likely the control unit will need to be replaced, a common repair, a weak point.
For the oil leak you need to get under the car and then start it and fine the are that the oil is leaking from. Possibly a cooler line or leaky seal. Have that checked right away so further damage does not happen.