Hopes of a return to European action next season were kept on course with a 2-1 victory against in-form Chelsea.
Glenn Hoddle's side came to Anfield with a record of five wins in their last six outings, including their victory over Wolves that takes them within one step of an FA Cup final appearance.
But Ian Rush gave Liverpool an early lead, tapping home in front of the Kop after eight minutes for his 17th goal of the season.
Craig Burley's own goal 11 minutes later appeared to have opened the flood gates but Chelsea stuck to their task well and the 22-year-old Scot made amends with a superb left-foot volley after 50 minutes.
The goal gave the visitors hope and they pressed forward but were denied any share of the points by the superb goalkeeping of David James.
Liverpool continued to look dangerous on the break, with McManaman going close from Rob Jones' cross in the 62nd minute.
David Hopkin replaced Dow in the 67th minute to vary the visitors' options as they searched for an equaliser, and three minutes later Michael Thomas joined the action for Liverpool at the expense of Barnes.
In the 74th minute Reds defender Rob Jones almost broke his scoring duck with a tremendous shot that beat Kharine, but was denied by the woodwork.
Two minutes later Ronnie Whelan let in Ian Rush with only the keeper to beat but the Russian was quick to race out of his goal and save at the Welshman's feet.
Liverpool manager Roy Evans bemoaned his side's wayward shooting.
"We didn't capitalise on the goal chances," he said. "We created so much and I would have been happier if we had a four goal lead at half-time. We lost it a bit after the interval and Chelsea came back into it to their credit. In the end it seemed a close game."
Hoddle admitted: "In the first 20 minutes we could have been three or four down. The consistent levels are not there and that's something I don't like to see. But teams that have gone 2-0 down in 20 minutes at Anfield could have got trounced but we showed a lot of courage, commitment and skill in the second half and perhaps were worthy of a point."
Man of the match Steve McManaman said: "It would have been nice to cap it off with a goal but I can't seem to score at the moment."
Copyright - British soccer week