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Preheat oven to 350°F (175°C) and grease a standard loaf pan thoroughly.
In a medium bowl, whisk together flour, sugar, baking powder, salt, cinnamon, and nutmeg until evenly combined.
In a separate bowl, whisk milk, egg, vanilla extract, melted butter, and vegetable oil until smooth.
Gradually pour wet ingredients into dry ingredients and stir gently until just combined. Do not overmix.
Pour batter into prepared loaf pan and smooth the top evenly.
Bake for 30–35 minutes or until a toothpick inserted into the center comes out clean or with a few moist crumbs.
Let loaf cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.
In a small bowl, whisk powdered sugar, milk, and a pinch of cinnamon until smooth.
Drizzle glaze over cooled loaf, allow it to set, then slice and serve.