Duane Sutter scored with less than two minutes remaining to give New York its victory in Edmonton.
Sutter shot into an open net with goalie Grant Fuhr out of position after Dave Langevin's shot took an odd bounce off the boards. With 30 seconds left, John Tonelli scored with Fuhr benched for an extra attacker.
Early in the period, the Oilers tied at 4 when Tom Roulston scored his second goal of the game after a scramble in front of goaltender Billy Smith.
The Islanders struck twice within 27 seconds early in the first period, with Brent Sutter and Anders Kallur scoring. The Oilers got one goal back when Smith failed to glove Paul Coffey's power play shot and Wayne Gretzky got his season's first goal at 14:27. Glenn Anderson gave the Oilers a tie on a delayed penalty 4 1/2 minutes later.
Roulston gave Edmonton a 3-2 lead on a power play with six minutes gone in the second period. Seven minutes later, New York's Mike Bossy took Butch Goring's rebound off the boards and scored his third goal in as many games. With four seconds remaining in the period, Goring scored with the Islanders shorthanded.