Dynamical properties of neural populations are studied using probabilistic cellular automata. Previous work demonstrated the emergence of critical behavior as the function of system noise and density of long-range axonal connections. Finite-size scaling theory identified critical properties, which were consistent with properties of a weak Ising universality class. The present work extends the studies to neural populations with excitatory and inhibitory interactions. It is shown that the populations can exhibit narrow-band oscillations when confined to a range of inhibition levels, with clear boundaries marking the parameter region of prominent oscillations. Phase diagrams have been constructed to characterize unimodal, bimodal, and quadromodal oscillatory states. The significance of these findings is discussed in the context of large-scale narrow-band oscillations in neural tissues, as observed in electroencephalographic and magnetoencephalographic measurements.