Heat the oil at medium-high in a Dutch oven or large electric skillet. Brown meat on all sides. Remove and set aside. Lower the heat to medium. In the same pan, sauté onion, carrot, parsnip, and celery until onion is transparent but not browned, about 7 to 10 minutes. Add bay leaf, cloves, thyme, and parsley. Return meat to pot, sprinkle with balsamic vinegar, and add water. Cover and cook at a very low simmer for 2 to 21/2 hours, turning once. Remove meat, slice it, and return it to the pan. Add salt and freshly ground pepper to taste. Simmer very gently for 15 minutes. Serve with rice, noodles, or mashed potatoes.