Zawya: Biofuels that are finding it tough to compete with low oil prices may suffer more in 2009, a new study has said. Biofuel margins would remain low if oil prices remain below $50 a barrel, said an investment analysis by Merrill Lynch, which downsized its 2009 forecast for production of biofuels from 2.1 million barrels per day to 1.9 million barrels per day. “Volatility coupled with a sharp drop in energy prices and a more modest fall in grain prices, recently forced both sugar …