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Alcohol dilates peripheral blood vessels, but has been known to actually. constrict some blood vessels in the brain, lowering the oxygen content. Alcohol dilates peripheral blood vessels, but has been known to actually  constrict some blood vessels in the brain, lowering the oxygen content.
What's more, alcoholic drinks don't seem to improve the function of cells in blood vessel linings the way grape juice does. And alcohol generates free radicals -- unstable oxygen molecules that can actually cause damage to blood vessel tissues -- dampening any of the benefits that red wine's antioxidants may offer.