CEO confidence fell in the first quarter after edging up in the fourth quarter. The Conference Board’s and PwC Network’s measure of CEO confidence fell to a level of 57 in the first quarter from 60 in the fourth quarter.

A reading of more than 50 reflects more positive than negative responses.

“Optimism among CEOs retreated in the first quarter of 2015, and while expectations for growth prospects in the US remained positive, they were less favorable than last quarter. Meanwhile, expectations for Europe, China and Brazil continued to decline,” said Lynn Franco, director of economic indicators at The Conference Board. “Regarding the price of oil, more than half of CEOs estimate the price will be between $55 and $74 a barrel six months from now, and two-thirds estimate that will be the price a year from now.”

CEOs were more positive in their assessment of current economic conditions in Japan, Europe and China, but overall sentiment remains negative. CEO sentiment in the US and India remains upbeat, but CEOs’ assessment of Brazil has grown more pessimistic since last quarter.

Looking ahead, expectations for India and the US remain favorable, while CEOs remain pessimistic regarding the outlook for Europe, China, Japan and Brazil.