As a beginner in oil painting, one must not exaggerate on supplies.  Begin with the basic.  As you develop and gain experience, you can experiment on different supplies until you find the tools you find comfort working with. 

To beginning painting with oil, you need the following basic materials:

Oil Painting Brushes – There are different sizes and shapes of brushes.  Natural fibers are the materials that make up oil painting brushes and are more costly than synthetic brushes.  There are flat, bright or round brushes available in different prices.  Spend additional money on quality brushes.  Avoid cheap brushes.  Cheap brushes discard hair and quickly lose their shape compared to quality brushes.  Certain types of brushes are used for certain types of painting.  Likewise, buy a good brush cleaner and preserver. 

Oil Paints – Similarly, Oil paints also differs in price and quality. Oil paints are classified into student grade and professional grade.  Color choices also vary. 

Oil Painting Mediums – Different artist prefer different mediums. Different artists also have their preference of mixtures and formulas.  Other mediums are also available. 

Canvas and Other Supports – Cotton canvas is the most common support that many artists work with but other supports are available as well.  Other support are made of linen, board and paper. You may also experiment on other supports as you gain experience. 

Palette – Glass, wood, plastic and paper are the materials used in palettes. 

Easels – The price of easels depend on the size purchased.  It is essential for an easel to be sturdy otherwise the canvas will be unstable and will wobble around while painting.  Purchase of an easel will also depend on whether you like to paint in a studio or be an outdoor painter. 

Other Supplies :
• Palette knife – Used as a multi-purpose tool either for removing paint leftover from the palette during cleanup or for combining large amount of paint. 
• Painting knife – Used for making special painting effects such as impasto. It is available in different styles. 
• Metal Containers for solvents, etc. -- available in art supply stores for this specific use.
• Old rags or paper towels – Rags are used for brush cleanups and mishaps.  Remove used cards or paper towels because they can easily catch flames. 
• Pencils, gummed erasers, masking tape, fine sandpapers, Q-tips and an exacto knife are basic tools that may come in handy. As your painting skills and techniques develop, you will purchase more and more tools.