Combine the milk and rolled oats in a bowl and let them stand at least 5 minutes.
Add the oil and beaten eggs, mixing well. Then stir in the flour, sugar, salt, and baking powder. Stir just until the dry ingredients and moistened. Batter may appear a bit runny, but that's ok.
Bake on a hot nonstick dry pan, using ¼ cup of batter for each pancake. Turn them when the top is bubbly, and the edges are slightly dry.