Venables said: "Defeat is hard - I feel for the boys.
"We've had indifferent displays this season but we played very well and didn't deserve to lose. We had to get to grips with Liverpool and we did. All in all we should have got a draw."
He added: "We gave them a lot of problems with crosses. I couldn't have asked for any more.
"Their goal came against the run of play.
"I think the only shot they had was for the goal. I was pleased with our fighting spirit as a unit."
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