“SINGAPORE – Oil prices wallowed below $35 a barrel Thursday in Asia as grim U.S. economic news pointed to a deep recession and weaker crude demand. Light, sweet crude for March delivery rose 3 cents to $34.65 a barrel by midday in Singapore on the New York Mercantile Exchange. The contract on Wednesday fell 31 cents to settle at $34.62. The March contract expires on Friday, and traders switched their focus to the April contract, which rose 14 cents to $37.55.  The Federal Reserve on Wednesday confirmed what many investors already suspected — that the U.S. economy has significantly deteriorated in the last few months. “