Preheat your oven to 350°F (175°C). Grease and flour an 8-inch (20 cm) round cake pan or line it with parchment paper.
In a medium bowl, whisk together the all-purpose flour, baking powder, baking soda, and salt. Set aside.
In a large bowl, beat the eggs and granulated sugar together with an electric mixer on medium-high speed until the mixture is pale, thick, and fluffy, about 3-4 minutes.
Reduce the mixer speed to low and slowly drizzle in the olive oil, mixing until fully incorporated.
Add the milk, fresh lemon juice, lemon zest, vanilla extract, and almond extract to the wet ingredients and mix until combined.
Gradually add the dry ingredients to the wet ingredients, mixing gently until just combined. Do not overmix.
Pour the batter into the prepared cake pan and smooth the top with a spatula.
Bake for 38-42 minutes, or until a toothpick inserted into the center of the cake comes out clean.
Remove the cake from the oven and allow it to cool in the pan for 10 minutes.
Transfer the cake to a wire rack to cool completely.
Once cooled, dust the top with powdered sugar if desired before serving.