Photoacoustic (PA) imaging (PAI) images blood vessels through the hemoglobin contrast. However, conventional images are affected by visibility artefacts which prevents seeing all the blood vessels morphology. We introduced PA fluctuation imaging (PAFI) exploiting the absorption fluctuations due to blood flow. Here, we demonstrate how PAFI enhances the image quality and elaborate if it can be used for quantitative multispectral (MS) imaging for 3D blood oxygenation (SO2) imaging. A spherical array (256 elements, 8 MHz, Imasonic) connected to a Verasonics Vantage scanner, was coupled to the laser (Innolas Spitlight) through a fiber bundle (Ceramoptek). The PAFI sequence consisted in acquiring 1000 frames at 100 Hz repetition rate while scanning continuously the wavelength from 680 nm to 880 nm. Image processing resulted in PAFI image per wavelength. The compensation of predictable effects of pertubations provided quantitative SO2 images with visibility and contrast enhancement. The technique was validated in glass capillaries and in the chicken embryo model by comparing the SO2 values with the one obtained in the visible structures using conventional imaging (resp. 3.5% and 9% errors). Thus, MS-PAFI can provide quantitative SO2 full-visibility 3D imaging with an intrinsic specificity to blood which simplifies spectral unmixing.