Preheat oven to 350 degrees F (175 degrees C). Lightly grease a 9x5 inch baking pan.
Stir together apples, sugar and oil. Add egg; mix well. In a separate bowl, sift together flour, baking powder, baking soda and cinnamon. Stir flour mixture into wet ingredients, mixing just until dry ingredients are moist. Stir in cranberries and walnuts. Spread batter into prepared pan.
Bake in preheated oven for 35 to 45 minutes, until toothpick inserted into center of loaf comes out clean.
