1. Preheat oven to 350°.
2. Combine raisins and rum in a small microwave-safe bowl; microwave at HIGH for 30 seconds. Cool to room temperature.
3. Weigh or lightly spoon flour into dry measuring cups; level with a knife. Combine flour and next 3 ingredients (through salt) in a bowl; stir with a whisk. Place butter in a large bowl; beat with a mixer at medium speed until smooth. Add oil, 1 cup granulated sugar, rinds, and vanilla; beat at medium speed 3 minutes or until light and fluffy. Add eggs, 1 at a time, beating well after each addition. Add flour mixture and milk alternately to butter mixture, beginning and ending with flour mixture. Drain raisins through a sieve over a bowl; reserve liquid. Stir raisins into batter. Pour batter into a 10-cup Bundt pan coated with baking spray. Bake at 350° for 40 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 10 minutes on a wire rack. Remove from pan; place on serving plate.
4. Combine remaining 1/3 cup granulated sugar, corn syrup, and 2 tablespoons water in a small saucepan; bring to a boil. Cook 1 minute. Remove pan from heat; stir in reserved rum. Brush syrup over warm cake. Cool completely. Sprinkle with powdered sugar.