Preheat oven to 325°F. Mix together oil, rosemary, garlic, basil, salt, thyme and pepper in small bowl. Set mixture aside 5 to 10 minutes.
Place beef Bottom Round Roast on baking rack in tall-sided roasting pan. Rub oil mixture on roast, covering all sides. Pour broth and water in roasting pan. Insert oven-safe thermometer into center of roast. Place roasting pan in center of 325°F oven.
Roast 1-1/4 to 1-3/4 hours. Remove roast when meat thermometer registers 135°F. Transfer roast to carving board; tent loosely with aluminum foil. Let stand 10 minutes. (Temperature will continue to rise about 5°to 10°F.)
Carve roast into slices; serve with cooking liquid or as a sandwich, topping with your favorite cheese.