Brush roast on all sides with 1/4 cup oil. Sprinkle with salt and pepper. Dredge in flour.
Place roast on rack in a roasting pan. Bake, uncovered, at 375° for 30 minutes. Turn roast over, and continue baking, uncovered, 20 minutes.
Add water to pan; cover and continue baking 45 minutes.
Combine remaining 1/2 cup oil, vinegar, Worcestershire sauce, mustard, catsup, and hot sauce; stir well. Pour sauce over roast; cover and bake an additional 45 minutes or until meat is tender, basting occasionally with sauce. Transfer roast to a warm serving platter; cut into 1/4-inch-thick slices.