Phenol is acidic because the negative charge formed from deprotonating the -OH is stabilized by resonance with the aromatic ring.
Whether something is electron withdrawing or electron donating is somewhat context dependent. While -OH acts as an electron withdrawing group when it is attached to an alkyl chain, -OH acts as an electron donating group when attached to an aromatic system (such as in the case of phenol). In the case of aromatic molecules, the lone pair gets donated into the aromatic system, which outweighs the electron withdrawing effect from oxygen's electronegativity.