Goncalo Ramos gave Benfica the lead after 15 minutes as he headed the ball in from Joao Mario’s corner.
But the advantage didn’t last long as Miguel Almiron started and finished a fine attacking move to turn the ball in from Kieran Trippier’s cross.
Benfica restored their advantage as Alex Grimaldo curled a 25-yard free-kick into the top right corner of the goal.
But Trippier and Almiron combined again as the Paraguayan levelled the score at 2-2 going in at half-time.
Newcastle finished the match with 10 men after Joelinton was shown a second yellow card with nine minutes remaining.
Benfica made their man advantage count in the final minute of normal time as Henrique Araújo stroked home to make it 3-2.
21. Chris Wood - 5
On for Wilson 46: Hit a free header straight at the goalkeeper. Needs to be posing more of a threat. | Getty Images
22. Matt Ritchie - 5
On for Saint-Maximin 46: A quiet display for the Newcastle winger. Photo: Naomi Baker
23. Matty Longstaff - 6
On for Shelvey 75: Had a couple of touches as Benfica pushed for a winner with the man advantage. Photo: Getty
