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The characterization of olive oils from seven representative fruit varieties (Arbequina, Carrasqueña, Corniche, Manzanilla Cacereña, Morisca, Picual, and Verdial de Badajoz) from the southwest of Spain is carried out according to antioxidant capacity of the phenolic fraction and oxidative stability in different ripening stages. Antioxidant capacity is measured through the reduction of a 2,2′-azino-bis-3-ethylbenzthiazoline-6-sulphonic acid radical cation previously oxidized with peroxidase/hydrogen peroxide. The decrease in absorbance at 730 nm at 3 min was measured. Values like Trolox Equivalents Antioxidant Capacity and oxidative stability varied from 0.6 to 2.5 mmol Trolox·kg–1 oil and 28.3 to 170.9 hours Rancimat respectively. The best positive correlation between total phenolic compounds and antioxidant capacity were in the Carrasqueña and Arbequina varieties. The rest showed moderated correlations. Correlation between antioxidant capacity and oxidative stability was found in a range from 0.66 to 0.97, depending on varieties.