Preheat the oven to 350°F. Grease an 8-inch round cake pan with a thin layer of olive oil or you can use a preferred cooking spray. Alternatively, you can line the bottom of the pan with foil for easier removal.
In a large bowl, combine the eggs and granulated sugar. Using a whisk, beat them together at high speed for 1 minute until well combined.
Reduce the mixer speed to the lowest setting and slowly pour in the olive oil. Once the olive oil is well mixed with the egg mixture, add the milk while continuing to mix on low speed.
Stir in the vanilla extract and almond extract.
In a separate bowl, whisk together the flour, baking powder, and salt. Sift the flour mixture through a sieve into the bowl with the batter.
Mix the batter at low speed until smooth, making sure to scrape down the sides of the bowl to incorporate all the ingredients evenly. Give it a final mix to ensure everything is well combined.
Pour the batter into the prepared cake pan and place it in the preheated oven. Bake for 30-40 minutes, or until a toothpick or bamboo skewer inserted into the center of the cake comes out clean. Check after 30 minutes, as baking times may vary.
Once baked, remove the cake from the oven and allow it to cool completely in the pan. Once cooled, carefully remove the cake from the pan and transfer it to a serving dish.
To add a touch of fresh olive oil, lightly brush the top of the cake with a small amount using a basting brush. Add toppings if desired and serve.