The endgame in Libya could herald a slump in oil prices. As with the rebel advance into Tripoli, Libyan supplies to the global market could come sooner than expected. Brent crude prices slipped by as much as $3 to almost $106 a barrel at one point on Monday, before rebounding later in the day. A resolution in Libya, coupled with concerns over global growth, means tight markets could soon look oversupplied.

A return of Libyan oil production to levels before the unrest, 1.7 million barrels a day, or 2 percent of global supply, would take until 2015, according to a June estimate from the International Energy Agency. The forecast may now look too pessimistic, with the rebel-controlled Arabian Gulf Oil Company, Repsol of Spain, and Eni of Italy all suggesting that normal supply could resume much faster once the crisis is resolved. Analysts estimate that daily production could reach up to a million barrels within a year.

Oil prices have eased almost $20 a barrel in four months. A supply increase, just as the American and European economies look vulnerable to a new recession, will further weigh on prices. And Saudi Arabia’s recent effort to offset the disruption from Libya, taking production to a record high of almost 10 million barrels a day, will act to compound any supply glut, as will the International Energy Agency’s release of reserves.

Yet any price slump is likely to be less severe than in 2008, when oil prices crashed by more than $100 a barrel in six months. This time around, credit lines remain open to businesses. And oil demand remains strong from certain rapidly growing countries like China, which account for almost 50 percent of total global consumption, compared with 44 percent in 2008, according to Barclays Capital.