I had my oil changed at 5k just for my piece of mind. Well I'm @ 7,400 now and my overhead console displays that I need a oil change. My question is, does the computer actually read the oil valocity or is it just a timer that needs reset every oil change.

 

Computer has an algorithm that uses various inputs such as key count, idle time, miles, etc to "compute" when it is time to change the oil. Max miles is 7500 if other conditions are not met earlier to cause overhead message. The owner's manual describes the method to reset the oil change interval after you change the oil. Yours was apparently not reset.