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Gas and Oil 700 1989

I'm new to the Volvo ownership club and I have a 89 740 GL with 148k. I have read several reports on gas and oil and I'm still confused. I have starting running 91 octane and my gas milage it better, are there benefits or drawbacks (besides price) to running the higher octane? And should I run synthetic oil? I have read a few websites concerning oils but still don't have a clear cut idea if I should switch to a synthetic and if so, any recommendations on brands?

Thanks






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