Combine oil, sugar, cool water, raisins, cinnamon, and cloves in a saucepan.

Bring the mixture to a boil, stirring occasionally.

Remove from heat and let cool completely.

Preheat oven to 375°F (190°C).

Grease and flour a cake pan.

In a separate bowl, mix flour and baking soda together.

Gradually add the cooled liquid mixture to the flour mixture, mixing until just combined.

Fold in walnuts, candied cherries, and candied fruit.

Pour the batter into the prepared cake pan.

Bake for approximately 1 hour, or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes before inverting it onto a wire rack to cool completely.