Preheat the oven to 350° and grease a Bundt pan with vegetable oil. In a medium bowl, whisk together the flour, baking powder and salt.
In a medium bowl, combine the oil, brown butter, brown sugar and vanilla. Using an electric hand mixer, cream the mixture until light and fluffy. With the mixer going, add the eggs, one at a time, until incorporated.
Add the flour mixture and mix until a smooth dough forms, then fold in the butterscotch chips.
Press the dough into the greased Bundt pan and bake until golden brown, 30 to 35 minutes. Remove from the oven and let cool for 5 minutes, then invert the cake onto a plate and let cool completely. Once cool, garnish with confectioners' sugar and cut into 12 pieces, then serve.