Selected Using foreach loop

/**
 * Demonstration uses all cpt posts in a dropdown field to select 
 * a featured listings to callback in a function
 */
function wporg_wpselected_featured_listing_cb()
{

    $post_type = 'wpselected_post';
    $options   = get_option( 'wpselected_lists' );

    // select(ed)_id will be a custom option outside of this function.
    $wpselected_select_id = $options['wpselected_featured_listing'];

    // Avoid ending up with no string value by setting a default value
    if ( '' === $wpselected_select_id ) {
        $wpselected_select_id = 0; 
    }

    /**
     * Sets up a list of cpt posts to do foreach with
     * @param $label string Optional
     */
    $post_type_object = get_post_type_object( $post_type );
    $label = $post_type_object->label;
    $posts = get_posts( array(
            'post_type'         => $post_type, 
            'post_status'       => 'publish', 
            'suppress_filters'  => false, 
            'posts_per_page'    => -1
    ) );
    ?>
    <label class="olmin"><?php esc_html_e( 'Listing at top home page.', 'wpselected' ); ?></label>
    <select name="wpselected_lists[wpselected_featured_listing]">
    <option value="0"><?php echo esc_html__( $label, 'wpselected' ); ?></option>
    <?php 
    /**
     * `selected` magic in use
     */
    foreach ( $posts as $post ) {
        echo '<option value="' . esc_attr( $post->ID ) . '"' 
             . selected( $wpselected_select_id, $post->ID, false ) . '>' 
             . esc_html__( $post->post_title, 'wpselected' ) . '</option>';   
    }
    echo '</select>';  
} 

Ideally you may choose to use ob_start() and ob_get_clean() to avoid any HTML glitches on front.