Heat oven to 350° F. Beat butter and sugar in medium bowl until fluffy; beat in extract. Mix in flour, baking powder, and oats until crumbly. Reserve 1/4-cup mixture; pat remaining mixture in bottom of greased eight-inch square baking pan.
Dot preserves over crumb crust in pan; sprinkle with reserved crumb mixture. Bake until brown, 30 to 40 minutes. Cool on wire rack. Cut into bars. Makes approx. 12