Preheat oven to 375 degrees F.
Grease a 9-inch square pan with olive oil. In a medium bowl combine flour, baking soda, cinnamon, nutmeg, and cloves.
In a large bowl mix brown sugar and olive oil on medium speed with an electric mixer. Mix until blended. Add applesauce and mix well. Add flour mixture all at once. Beat on low speed until well blended. Stir in raisins and walnuts. Spoon batter into the prepared baking pan.
Bake 20 to 25 minutes or until lightly browned.
Cool completely on a wire rack. Cut into squares. Serve plain, dusted with powdered sugar, or frosted with whipped cream.