Ferromagnesian chondrules present a remarkable dichotomy between reduced (type I) and oxidized (type II) varieties. How these formed, and how they may be related remains contentious. Many type II chondrules, especially in carbonaceous chondrites, contain forsteritic grains in disequilibrium with FeO-rich host olivine grains, which must be relicts of precursor material. In this study, we analyzed the oxygen isotopic composition of magnesian relict and host olivine grains in type II chondrules in CO and CR chondrites. The analyzed Mg-rich relicts are generally more $^{16}$O-rich than ferroan olivine (mostly host) grains and plot in the range (in term of chemistry and isotopic composition) of type I chondrules in carbonaceous chondrites. Remarkably, they tend to cluster around the dominant Δ$^{17}$O peaks of the type I chondrules in their host chondrites, viz. –6 ‰ and –2 ‰ for CO and CR, respectively. With the occurrence of relatively intact type I chondrules within some type II chondrules, this corroborates that local type I chondrules were among the precursors of type II chondrules, and that chondrule formation occurred within the accretion reservoir of the eventual chondrites. This supports the nebular brand of chondrule-forming scenarios. Since not all previous generations of chondrules (or other precursor objects) have been recycled, chondrule formation events must also have been extremely localized.