One of the promising applications of locally-active memristors (LAMs) is to construct oscillators for oscillatory neural networks. By using two current-controlled (CC) LAMs, a fully CC LAM-based oscillator is designed in this paper. The oscillator principle originates from the small-signal inductive and capacitive impedance characteristics of two different CC LAMs, and thus extra reactance element is not required in the circuit. Based on bifurcation theory and small-signal analysis method, conditions of the equilibrium point instability are quantitatively derived. Theoretical analysis indicates that the circuit oscillation is dependent on three critical parameters. Then, according to the conditions of the equilibrium point instability, parameters design methods of the two LAMs are proposed, including the static and dynamic parameters. A simple NbOx CC LAM model is taken as an example to conduct detailed simulation analysis. The simulation results verify the feasibility of the proposed circuit and analysis methods. Finally, the effects of the LAM model parameters on the oscillator performance are investigated, which is helpful for optimal design of the oscillator.