Shanghai, China (My Sportsbook) - Phil Mickelson shot a five-under 67 on Saturday and took a two-shot lead over Tiger Woods and Nick Watney at the HSBC Champions.

Mickelson tapped in at the 18th for his sixth birdie of the day and finished three trips around the Sheshan International course at 14-under 202.

The stage was set for an exciting battle between the top-ranked players in the world after Woods, hitting from a bunker, scrambled for a closing par to shoot a two-under 70 and earn a spot in the final group Sunday with Mickelson.

Woods lost his one-shot lead over Mickelson when Lefty made back-to-back birdies at the 14th and 15th holes. Mickelson's closing birdie gave him three in his last five holes, while Woods played the back nine at even-par and limped into the clubhouse with seven consecutive pars.

It will mark the first time since the Masters in April that the two players will have the same final-round tee time. Mickelson bested Woods by a shot at Augusta and finished a spot ahead of him in fifth place.

"Unfortunately I'm two back," Woods said. "For me to win the championship I'm going to have to play well tomorrow and make some putts."

Watney holed a long eagle putt at the 18th to also shoot 70 Saturday and join Woods at 12-under 204. He will play in the last threesome with Mickelson and Woods.

"I'm kind of the odd man out there," said Watney, this year's Buick Invitational winner. "But the goal is always to improve and tomorrow will be a big step regardless of the outcome to watch those guys and see how they handle themselves and hopefully I can handle myself as well."

Ryan Moore made it four Americans at the top of the leaderboard with a 70 that placed him at 11-under 205. European Tour money leader Lee Westwood of England shot a 65 and was fifth at 10-under 206.

Now poised for a stirring conclusion, this co-sanctioned event had already received a boost this year when it was added to the World Golf Championships umbrella for the first time.

Both Mickelson and Woods have made appearances before.

Mickelson won this tournament in a three-way playoff in 2007, while Woods was a runner-up in his previous two showings (he was beaten by Y.E. Yang, his PGA Championship foil, at the 2006 event).

Woods, of course, is the most successful WGC player of all time with 16 championships.

Mickelson collected his first WGC title at Doral in March, beating Watney by a stroke at the CA Championship with a final-round 69.

On Saturday, Lefty was reminded of a shot he took during that round.

Up against a tree at No. 9, he flipped his pitching-wedge over and chipped out right-handed onto the fairway. Mickelson took a bogey on the hole -- only his second dropped shot of the tournament thus far -- but treated the moment with a little nostalgia.

"I said to Bones (his caddy, Jim McKay) after I did that that I thought it was a good omen because I ended up winning another World Golf Championship this year at Doral having to hit a right-handed shot as well in the final round," said Mickelson. "So I thought that might have been a good omen even though it led to a bogey."

The bogey dropped Mickelson two shots behind Woods around the turn, but that deficit was halved when Woods also bogeyed the ninth.

Woods made his final birdie of the round at No. 10, restoring his two-stroke lead. But he went on to bogey No. 11 to end a frustrating four-hole stretch that saw him go birdie-bogey-birdie-bogey.

"It was a little bit more difficult today," said Woods, who shared the 36-hole lead with Watney after back-to-back 67s. "I didn't putt as well as I did the first two days and (on) the back nine I didn't take advantage of the par fives.

"Not making as many putts as I did the first two days and consequently I was three shots worse, so that's about right."

Mickelson made a 10-foot birdie at the 14th that tied him with Woods, then moved in front for good with his birdie at the 15th. He was able to take the lead by minimizing his mistakes on a day when the wind shifted, changing the way players approached the course.

"This course played kind of backwards today in the sense that what is normally birdie holes were more difficult because of the wind, and holes that were normally the challenging pars were actually the birdie holes," said Mickelson.

"So that made the course play a little different and I was able to capitalize on those holes, especially early on."

Playing with Woods for the first time, Watney earned his spot in the final group with a 40-foot eagle putt at the 18th, which made up for a three-putt bogey on the previous hole.

He will get a chance to face the world No. 1 again on Sunday -- while also facing No. 2 Mickelson.

"I can't wait," said Watney. "I really can't wait."