Personally I would say that computer does not fit your requirements at all. Both Oblivion and FEAR are graphically intensive games and with the oboard graphics you will struggle, if not find it impossible to get a playable frame rate. That's not to say you can't add a graphics card at a later date and boost your power, but again with only 512gb of ram, you are still going to be bottlenecking quite a bit. Also, I have opened up one or two of the cheaper Dell machines, and they lacked a slot on the motherboard for a graphics card.
So, No....it's would be fine for internet and office style use, but next to useless for games.