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If we draw the lewis structure of Oxygen molecule (see the pic below), we draw two oxygen atoms connected with a double bond and two lone electron pairs on each oxygen.
All the electrons are paired so it should be diamagnetic, i.e will be repelled by magnet.

However, as can be seen from the photograph liquid Oxygen (O2) when passed between the poles of a magnet gets attracted(oxygen gets stuck between the poles) not repelled. This suggests that Oxygen is Paramagnetic.
So lewis theory and other theories like VSEPR or VBT failed to give any explanation. So MOT, Molecular Orbital Theory was a better explanation..