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I can appreciate your problem. I went through the same thing with my 92 960. I changed the O2 sensor with an OEM part and still had the code. Some times the code would show up in a few minutes or it might be two or three weeks. Finally quite getting the code as it turned out to be result of the problem I had with the relay for the injectors. I had checked the output voltage and it was right on target .1 to .9 volts.
Check for air leakage, low fuel pressure, or faulty MAF sensor.
If you don't get any signal, there could be a break in either the signal wire, power lead, or ground lead. If the O2 sensor is faulty then expect the fuel consumption to increase.
At least this gives some place to check out.
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