Preheat the oven to 350 degrees F.
Grease and flour a 9-inch square cake pan. Mix together the sugar and eggs in a medium bowl with a hand mixer on medium speed until blended and light.
Drizzle in the olive oil and vanilla and mix until light and smooth.
Sift together the flour, baking powder, baking soda and salt in another bowl.
Add the flour mixture half at a time to the wet ingredients and mix on low just to bring it together.
Pour into the prepared cake pan and bake, 25 to 30 minutes.
Let the cake cool 15 minutes, dust with confectioners’ sugar and serve.