WATERCOLOR
Paint; winsor newton burnt sienna & cobalt blue any brand ultramarine blue, thalo blue, thalo green, cerulean blue, permanent rose, cadmium yellow light. alternate extra colors: cadmium orange, bright red, black, light yellow, quinacridone gold
Paper: Waterford, Arches, Winsor Newton, or Fabriano are fine. 300 pound if you don't want to stretch it. (you don't want to). What you can do is put blue tape about 2 inches in from edge of paper and it will hold itself stiffer to prevent buckling of 140 lb paper which saves a lot of cash.
Brushes: Silver Black Velvet 1 1/2 in. 3014S wash brush and or Silver Black Velvet jumbo round 3025S, and a mid sized nylon round # 12 and a #8 and one long thin 'rigger'. smaller brushes if you are doing small paintings might be OK.
OIL
Paint; any good brand- white, cerulean blue, cobalt blue, thao blue, black, red, hookers green, naples yellow, light yellow, alizarin, orange, violet, and viridian or thalo green.
Brushes: hog bristle filberts with long bristles 1/2 inch and 1 inch.
Linseed oil and paint thinner or turpenoid
These are recommended, but you can work around this list if you already have lots of stuff. You will be frustrated without the Silver Black Velvet brush sold by Jerry's and Cheap Joes ( at least one of them, Daniel Smith makes a mock up. Look for combination of squirrel hair and nylon.]