Global oil prices fell on easing fears about supplies from the crude-rich Middle East, eclipsing bright data from Europe and China, analysts said. Brent North Sea crude for delivery in November dipped 11 cents to stand at $US108.05 a barrel in London late afternoon deals. New York's main contract, West Texas Intermediate for November sank to $US102.30 -- the lowest point since August 8. It later stood at $US102.84 a barrel, down 75 cents from Monday's closing level. Traders welcomed news of easing tensions surrounding Iran, which is a major oil producer in the Organisation of Petroleum Exporting Countries (OPEC). In a diplomatic breakthrough, the foreign ministers of arch rivals, the United States and Iran, will hold their first talks on Tehran's contested nuclear drive at a landmark meeting on Thursday. Secretary of State John Kerry and new Iranian Foreign Minister Mohammad Javad Zarif will join counterparts from Britain, China, France, Germany and Russia at the meeting at United Nations headquarters. Gold futures fell as simmering worries about the longevity of the Federal Reserve's bond purchases and a stronger US dollar weighed on investor appetite for the haven asset. The most actively traded contract, for December delivery, on Tuesday fell $US10.70, or 0.8 per cent, to settle at $US1,316.30 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold has now given up most of the gains it made in the wake of the Fed's surprise decision last Wednesday to keep its monetary policy unchanged. Gold prices had rallied to a peak of $US1,375.30 an ounce, gaining nearly $US68 in less than 24 hours amid a rush into the gold market. Base metals on the London Metal Exchange closed lower, after electronic trading resumed, with copper and aluminium both losing more than one per cent. At the close of open-outcry trading on Tuesday, LME three-month copper was 1.3 per cent lower on Monday's settlement at $US7,148 a metric ton. Aluminium fell 1.2 per cent to $US1,796 a ton. Trading resumed on the LME's electronic platform LMEselect on Tuesday afternoon after the exchange performed a controlled halt due to technical issues from 0858 GMT to 1210 GMT (1858 to 2210 AEST). Only electronic trading was affected, and telephone and open-outcry trading continued as normal.