Magnetically aligned samples of sintered YBa&Cu307 z were used to test the effects of oxygendeficiency 5 (with 5 0.2) on the superconductive magnetization M, critical current density J" irreversibility field B;",upper critical field H, t, coherence length g, condensation energy F"penetration depth A, , and related properties as a function of temperature T and applied field H~~c. In selected cases, studies were also made with H~~ab. The 0 content was monitored in situ by thermogravimetric analysis. The open porosity and granularity of the material allowed rapid and homogeneous oxygenation. We found no significant enhancement of intragrain J, with chain-site 0 defects. With few exceptions, maximum J, occurred at full oxygenation. This implies that chain-site 0 defects are not strong or effective pinning centers over most of the field-temperature regime investigated. Except for T"which was practically independent of 5 within the interval 0 & 5~0. 11 (so called "90-K T, plateau" ), most properties such as J" F"H,z, B;", (T), A, , and g were strongly and continuously influenced by the 0 deficiency. The observed abnormal magnetization with H~~c was weak at low T but became more pronounced as T and fi increased. No abnormal magnetization was detected with H~~ab. As oxygen was removed, B;"(T)and H,~(T) separated, and both lines shifted to lower T and lower B. Moreover, B;,"was strongly correlated with J, at low temperature. Determination of the thermodynamic critical field H, yielded condensation energies F,(5) that were well correlated with J,(5). The results indicate that 0 defects weaken the energy barrier of the existing pinning sites and have a negative overall effect on the capacity of YBazCu307 to carry loss-free currents.