Rub both sides of meat with Liquid smoke.

Combine the sugar and ½ the chili powder and spread over the both sides of the meat.

Lay the brisket in a large plastic container of even Ziploc bag, seasoned-side down and cover. Refrigerate for 24 hours.

Preheat oven to 325 degrees. Brush bottom of roasting pan with oil and pour in the beef broth.

Place brisket in the pan, fat side up. Pour any leftover marinade over the brisket. Cover tightly with foil.

Roast for 4 hours.

In the meantime, combine the ketchup, vinegar, sugar, Worcestershire sauce, remaining 2 tablespoons chili powder and water in a saucepan.

Bring to a boil; reduce heat and simmer for 30 minutes, stirring occasionally.

Remove brisket from oven and drain off fat. Slice and serve with sauce.