Your front O2 sensor could well be ruined from the rich condition you had earlier.
You can take it out and test it by mounting it in a vise and using a propane torch to heat it up. You should be able to find instructions on how to do that on this board or another. Your OBD-II scanner might give you a readout of the sensor values as well which could help you determine if it's getting tired. If your mileage is up over 100k miles and you're pretty sure it's original it's probably time for a new one anyway.
Before replacing your O2 sensor though, you really need to make sure your fuel mixture is in top condition.
Be SURE all vac/PCV leaks are fixed. Butane is a good way to check. A smoke machine is better.
http://www.fiero.nl/forum/Forum1/HTML/081547.html
Reset your long-term fuel trim by following this article:
http://www.matthewsvolvosite.com/forums/viewtopic.php?f=5&t=21123&start=0
Clean the carbon from your intake with a water treatment and seafoam treatment.
Then take if for a nice long hot run to move oil through every passageway and spin those valves.
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1998 V70 AWD->FWD Turbo 200k+
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