Oil prices gained on Friday, lifted by positive economic data, rising stocks and declining U.S. production.

Light, sweet crude for April delivery advanced $1.92, or 3.2%, to $62.04 a barrel on the New York Mercantile Exchange, its biggest one-day percentage gain since July. Brent, the global benchmark, rose $1.88, or 3%, to $65.49 a barrel.

Prices...