Stir the water and yeast together in a large mixing bowl. Then stir in the vegetable oil, molasses, flour, dry milk, and salt. Stir just until the dough cleans the sides of the bowl. Cover with cling film, and let rest for 30 minutes.
Spray your hands and a non-porous work surface with non-stick vegetable spray. Scrape the shaggy dough onto the work surface, and knead it (do not add additional flour!) until smooth -- 6-8 minutes. Form the dough into a ball.
Quickly wash, dry, and grease the mixing bowl. Add the dough to the bowl, and then flip the dough to grease its underside. Cover the bowl with cling film and place it in a warm location until the dough doubles in volume -- about 90 minutes.
Deflate the dough, and then transfer it to the (not-greased) work surface. Pat out and form the dough into a loaf. Put the loaf in the greased bread pan, cover loosely with cling film, and let rise until a crown forms 1 inch above the rim of the pan -- 30-45 minutes. Meanwhile, preheat the oven to 350°F.
Bake on the middle rack in the preheated oven until until the crust browns and the center of the bread registers at least 190°F when tested with a digital thermometer -- 35-45 minutes. To avoid a too-dark crust, cover loosely with aluminum foil during final 10 minutes of baking. Cool to room temperature before slicing. As if you can wait that long.