Boil Together: In a small saucepan, combine the oil, milk, and water. Bring to a boil, then set aside to cool slightly.
Sift Together: In a mixing bowl, sift together the all-purpose flour and baking powder. Set aside.
Beat Together: In a large mixing bowl, beat the eggs, vanilla extract, and sugar until pale and fluffy, about 5-6 minutes.
Combine: Gradually add the sifted flour mixture to the beaten egg mixture, mixing gently to combine.
Add Boiled Mixture: Slowly pour the slightly cooled oil, milk, and water mixture into the batter, mixing until smooth.
Bake: Pour the batter into a greased and floured 9-inch round cake pan. Bake in a preheated oven at 350°F (175°C) for 25-30 minutes, or until a toothpick inserted into the center comes out clean.
Cool: Allow the cake to cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.