In the bowl of a heavy-duty electric mixer fitted with a dough hook, combine the yeast, sugar, and 1/3 cup of the water; stir to blend. Let stand until foamy, about 5 minutes.
Stir in the remaining 1 cup water, the oil and the salt. Add the flour, a little at a time, mixing at the medium speed until most of the flour has been incorporated and the dough forms a ball. Continue to knead the dough until soft and satiny but still firm, 4 to 5 minutes, add more flour if necessary to keep the dough from sticking.
Transfer the dough to a bowl, cover tightly with plastic wrap and let rise in the refrigerator until doubled or tripled in bulk, 8 to 12 hours. (The dough can be kept for 2 to 3 days in the refrigerator. Simply punch it down as it doubles or triples.)