As others have pointed out, an OBDII code reader will help you read and clear codes. There is but one caviat. No generic OBDII reader will read Volvo proprietary codes. And the most frequent causes of the CEL are Volvo codes 611 and 612 which are Volvo proprietary codes for gross and fine fuel vapor leak (don't remember which is which). In other words your gas cap is not on tightly or you may have fueled up with engine running. The generic code reader I have was not able to read those codes, but was able to clear them (!) and extinguish the CEL.
You mention that you have some aftermarket gas cap. My suggestion: loose it and go back to OEM. Those gas tank vapor recovery systems are very finniky about every little component, gascap being one of the more relevant ones.
Good luck.
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Vladimir. 1998 S70. Base, 5-speed manual.
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