Rookie Ryan Nugent-Hopkins had a goal and an assist and Corey Potter also scored for the Oilers, who snapped a two-game slide.
Henrik Lundqvist allowed both goals on 24 shots, but left in the third period with cramping. Matrin Biron played his first hockey of the season and stopped three shots the rest of the way for the Rangers, who had a two-game winning streak snapped.
After a scoreless first period that saw Lundqvist stop 11 games and Khabibulin make just four, the Oilers got on the board midway through the second.
With the puck in the New York end, Taylor Hall left a drop pass from the right circle over to the slot and Nugent-Hopkins wristed the puck into the left corner for his fifth goal of the season.
Khabibulin made seven saves in the second and his team gave him some breathing rook early in the third.
On the power play, Nugent-Hopkins held the puck at the right circle and faked a shot before sending it back to the right point where Potter blasted a one- timer past Lundqvist.
Khabibulin stopped eight shots in the final frame to cap the 44th shutout of his career.
The Rangers play in Winnipeg on Monday...Edmonton hosts the Canucks on Tuesday...New York had won the previous two games in the series...New York went 0-for-4 on the power play while Edmonton was 1-for-4...Nugent-Hopkins has five goals and two assists over his first seven NHL games.