Beat together the oil and butter together until smooth and well combined. Slowly stream in sugars into the oil/butter mixture. Beat until the mixture is light and fluffy, about 2-3 minutes. Add eggs and vanilla extract.
Bake at 350 F (177C) for 45-60 minutes. Around 35-40 minutes, do the first check of the cake. The top should be golden, with set edges pulling slightly away from the cake pan.Cool for 20 - 25 minutes in the pan.