Stratified oil-water two-phase turbulent flow in a horizontal tube is numerically simulated using a volume of fluid model. A single momentum equation is solved throughout the domain. The RNG k-epsilon model combined with a near-wall low-Re turbulence model is applied to each phase, and a continuum surface force approximation is adopted for the calculation of surface tension. The simulation is performed in a time-dependent way and the final solution which corresponds to steady-state flow is analyzed. Results of pressure loss, slip ratio, local phase fraction profile and the axial velocity profile are verified by experimental data in literature. Based on the numerical results of extensive calculations, the flow field characteristics are explored and correlations for pressure loss and hold-up are presented.