Spray an 8 × 4-inch metal loaf pan with oil. Stir 1/2 cup water with molasses and yeast in a large bowl until combined. Let stand, 10 minutes. Stir in flour, remaining water and salt, using a wooden spoon, until combined. Transfer dough to a floured counter. Knead once or twice, then shape into a log. Place in prepared pan. Cover with a damp towel and let rise until doubled in size, about 45 minutes. Preheat oven to 400F. Bake in centre of oven until golden, 45 to 50 minutes. Let stand for 5 minutes. Turn loaf out onto a rack and let cool completely, about 1 hour.