Preheat the oven to 350 degrees F (175 degrees C). Grease a 10-inch Bundt or tube pan.

Blend oil, beaten eggs, pumpkin and vanilla together in a large bowl until combined.

Sift flour, sugar, baking soda, ground nutmeg, ground allspice, ground cinnamon, ground cloves and salt together. Add flour mixture to pumpkin mixture and stir until just combined. Fold in chopped walnuts; pour batter into prepared pan.

Bake in the preheated oven until a toothpick inserted in the middle comes out clean, about 1 hour. Let cake cool in the pan for 5 minutes. Turn out onto a plate and dust with confectioners’ sugar.