In yeasts, the glycolysis may display oscillations of its metabolites while it is converting glucose. The dynamics of the oscillations has been investigated in cytoplasmic extracts of yeast under relaxation type conditions by determining the time course of some of the glycolytic metabolites. The compounds of the nucleotide pool have been identified as fast variables and the glucose derivatives as slow variables of the relaxation type. The period of oscillation has been subdivided into four phases which represent prominent parts of the limit cycle in the phase plane of a slow versus a fast variable. From the reaction processes in these phases, a dynamical picture of the mechanisms of oscillations is suggested. Accordingly, the oscillation results from an alternating activity of the fructose bisphosphate and the polysaccharide synthesis, both of which are coupled to glycolysis via the nucleotide pool. The processes in the phases are analyzed by calculating the rates of the reaction steps in the biochemical pathway.