The irrational feedback trading behavior in the crude oil markets remains puzzling for academic communities and market professionals. This study explores the time-varying features of feedback trading in the four major crude oil futures markets. We find the popularity of positive feedback trading in the WTI, Brent and DME Oman futures markets, and that of negative feedback trading in the China SIEE futures market. However, substantial oscillations of feedback trading strategies occur over time, where positive and negative feedback trading strategies cluster during miscella- neous market crises. Further, risk aversion plays a dominant role in the dynamic mean and volatility transmissions with feedback trading in most of the crude oil markets. The dominance of risk aver- sion is more pronounced during the tumultuous periods such as GFC and COVID-19 pandemic. Our findings render important implications for investors on containing irrational feedback trading.