Andrey Arshavin's four goals appeared to have all but ended the Reds' championship hopes despite strikes from Fernando Torres (two) and Benayoun, but the Israeli struck again deep into injury-time to at least put the Merseysiders on top for 24 hours.

Liverpool are now level with Manchester United, albeit having played two games more, and Gerrard told Sky Sports: "They have a fantastic team and you look at their run-in, look to see where they are going to drop points - it would have been very difficult if we'd lost the game.

"I think that point could be big"

Gerrard, who did not play tonight due to injury, added: "It's not like us to concede that many goals like we have tonight. We're normally sound defensively, especially at home."

"We'll have to wait and see how big that point could be for us.

"Performance-wise, at times we were very good. Torres and Benayoun were frightening going forward.

"Now we need United to get beaten which is difficult to do because they're a good team. But there are still twists and turns left."

Arshavin admitted he had never scored four goals in a match before and said: "I liked the game but of course it's not good for the team...almost basketball."

Arsenal boss Arsene Wenger said of his Russian star: "His performance was outstanding.

"He had a quiet first half but when he comes into the game he is always very dangerous. He has personality and is a winner."

Liverpool manager Rafael Benitez saw his team concede a quartet of sloppy goals but he could not fault their commitment to the cause.

"You never know," he said of the Reds' dwindling hopes of overhauling United. "Today we made too many mistakes, but it's also very positive because the team showed character until the last minute."

Benitez added: "They (United) had it (the advantage in the title race) before and they continue in the driving seat.

"We have to keep pushing and showed today we will fight until the last game."