Preheat the oven and prep the pan.• Heat the oven to 300°F. Butter and flour a 10-inch tube cake pan.
Make the batter. Beat butter in a large bowl at medium speed of an electric hand-held mixer; gradually add oil, beating until well blended. Gradually add sugar, beating well. Continue beating for 3-4 minutes, or until pale and fluffy. Add the eggs, one at a time, beating well after each addition.• Combine the flour and baking powder in a small bowl; whisk to blend.• Add 1/3 of the flour mixture to the creamed mixture and beat on low just until incorporated. Add half of the milk and beat again until just blended. Repeat with another 1/3 of the flour and the remaining milk. Add the remaining flour and beat just until mixed. Avoid overbeating the batter.• Stir in the lemon extract. Spoon the batter into the prepared pan and spread evenly.
Bake the cake.Place the cake in the preheated oven and bake for 1 hour and 35 minutes to 1 hour and 45 minutes, or until a wooden pick inserted in the center of the cake comes out clean. The cake will pull away from the sides of the pan slightly.
Cool the cake. Cool in the pan on a wire rack for 15 minutes.• Remove the cake from the pan and place it directly on a cooling rack. If using a one-piece tube pan, invert it onto the rack.
Make the lemon glaze. Combine glaze ingredients, stirring until sugar dissolves.
Glaze the cake.Brush lemon glaze on sides of cake and spoon glaze over top, a little at a time.
Serve.Let the cake cool completely. Slice and enjoy!