In a large skillet, brown beef in oil over medium-high heat; drain. In a small bowl, combine the tomato juice, ketchup, water, vinegar, Worcestershire sauce, brown sugar and seasonings; pour over the beef. Bring to a boil. Reduce heat; cover and simmer for 1-1/2 to 2 hours or until the meat is tender.
Combine cornstarch and cold water until smooth; stir into meat mixture. Bring to a boil; cook and stir for 1-2 minutes or until thickened. Serve with rice if desired.