Preheat oven to 350˚ and line cupcake tins with liners or grease generously with butter or baking spray.
In a medium bowl, sift or whisk together flour, baking powder, and salt.
In a large bowl add butter, sugar, oil, and almond extract. Using a hand mixer, mix the ingredients together on low until they are combined. Increase speed to high and beat for 3 minutes until light and fluffy.
Add in eggs and mix until combined. Scrape down the sides of the bowl and continue to mix until everything is mixed together.
Add half of the dry ingredients to the butter and sugar mixture and mix until incorporated. Add half of the milk in and mix together. Repeat with the remaining dry ingredients and then the remaining milk. Scrape down the sides of the bowl and mix until everything is incorporated.
Divide cupcake batter into the prepared cupcake pan and bake in the preheated oven for 15-18 minutes until the edges are golden brown and a toothpick comes out clean when inserted into the middle of a cupcake.
Let the cupcakes cool completely before filling and frosting.
While the cupcakes are cooking and cooling, combine all of the ingredients for the frosting together in a medium bowl. Mix on medium speed with a hand mixer for 2 minutes until everything is well combined. Place frosting in the fridge until it's time to frost the cupcakes.
When the cupcakes have cooled completely, remove part of the center of the cupcake using a large piping tip or a small spoon.
Fill the inside of the cupcakes with approximately 1 Tablespoon of the raspberry preserves.
Using a piping bag and large open tip or a baking scoop, add frosting to the top of the filled cupcakes.
Garnish cupcakes with a fresh raspberry and a sprinkling of mini chocolate chips.