Preheat oven to 350 degrees F. Grease and flour a 9-inch round pan.

In a medium bowl, cream together the olive oil and sugar until light and fluffy.

Beat in the eggs, one at a time, mixing until fully incorporated; stir in the vanilla.

Combine the flour, baking powder and salt; stir into the batter alternately with the milk. If the batter is too stiff, a tablespoon or two of milk may be added.

Spread the batter evenly into the prepared pan.

Bake for 30 to 35 minutes in the preheated oven, until a toothpick inserted into the center comes out clean.

Cool in pan on a wire rack, then turn out onto a serving plate. Dust with confectioners' sugar right before serving.