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Liverpool struck twice in the first half through Cody Gakpo and Luis Diaz, taking control as Arsenal looked off pace. The hosts appeared dominant in what could have been a title-deciding fixture, though they had already secured the Premier League crown.
Gabriel Martinelli cut the deficit just after halftime with a glancing header, before Mikel Merino equalised in the 70th minute following a rebound from a Martin Ødegaard strike.
Arsenal were reduced to 10 men after Merino received a second yellow card with 11 minutes remaining, but the visitors held firm to secure the draw.
The result leaves Arsenal second, five points clear of sixth-placed Aston Villa. A win or draw in their final two games, aided by a strong goal difference, should secure Champions League football.
Liverpool fans booed Trent Alexander-Arnold, who came off the bench days after confirming his departure from the club at season’s end. Arsenal, meanwhile, were still recovering from a Champions League semi-final exit to PSG earlier in the week.