In a medium bowl, stir together the sugar, milk, oil and egg. In a separate bowl, combine the flour, baking powder and salt. Add the dry ingredients to the wet ingredients and stir until just combined.
Drain the maraschino cherries, reserving the juice for the glaze. Coarsely chop the cherries in a food processor or with a knife. Gently fold the cherries into the batter.
Pour the bread batter into a greased 9"x5" bread pan. Bake at 350 degrees for 50-55 minutes. A toothpick inserted in the center of the bread should come out clean. Allow the bread to cool for 10 minutes, then remove the bread to a wire rack to cool completely.
To make the glaze, combine the powdered sugar, melted butter, cherry juice and almond extract in a small bowl. Mix until it is smooth.
Once the bread is cool, spread the glaze on top of the bread. Slice and serve. Freezes well!