In this present study, we synthesized a new compound of YbFe2As2 crystals by using a melt growth technique. The YbFe2As2 crystals had been characterized by scanning electron microscopy (SEM) and energy dispersive X-ray analysis (EDAX). The presence of oxygen was found by EDAX on the surfaces of grown YbFe2As2 crystals which had been kept in air ambience for few months. The measurement of magnetization (M) versus temperature (T) using a superconducting quantum interference device (SQUID) at constant magnetic field (H = 100 Oe) for oxygen-adsorbed YbFe2As2 (YbFe2As2:O2) had revealed an occurrence of sharp slope change around 140 K. An additional slope change had been observed around 40 K. We had carried out magnetization and transport measurements for oxygen-adsorbed YbFe2As2 (YbFe2As2:O2) and oxygen-adsorbed BaFe2As2 (BaFe2As2:O2) for comparative study also. M versus T data at H = 10,000 Oe had exhibited a paramagnetic behavior for both YbFe2As2:O2 and BaFe2As2:O2. The result of M versus H measurements at 2 K had shown that the saturation had not been achieved for YbFe2As2:O2 at H = 80,000 Oe. There was a slope change observed in transport measurement for YbFe2As2:O2 at 15 K which was not noticed for BaFe2As2:O2. © 2016, Springer Science+Business Media New York.