In a separate medium bowl, beat together the egg yolks, water, oil, and extracts until pale yellow.
5 egg yolks, 3/4 cup lukewarm water, 1/2 cup vegetable oil, 1 tablespoon vanilla extract, 1/4 teaspoon almond extract
Add the wet ingredients to the flour mixture, and beat until well-blended, about 1-2 minutes.
Gently fold in the whipped egg whites.
Gently pour the batter into an ungreased 10-inch tube pan.
Bake the cake for 50-60 minutes, or until the top is golden brown and looks dry.
Cool the cake upside down for 1 hour on a heat-resistant, thin-necked bottle before removing it from the pan.
Dust cake with powdered sugar, if desired.
Notes
Cake flour: Cake flour helps to make this a delicate cake. You can make a homemade cake flour substitute if you don't have cake flour. If you choose to substitute all-purpose flour for the cake flour, the cake won't be as light and fluffy.